Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.

Oil prices were climbing again on Monday as traders continued to fret about a broader conflict in the Middle East. The Brent international benchmark climbed 0.6% to $78.50 a barrel in early trading, while West Texas Intermediate U.