Crude oil prices appear increasingly likely to hit a record in real terms reached during the second oil crisis in 1979, as nominal prices on Monday continued rising well above $90 a barrel.
VIDEO
Jamie Chisholm, deputy markets editor, on what’s driving the commodities and equity markets’ climb and whether it’s sustainable
West Texas Intermediate crude hit a fresh nominal all-time high of $93.20 a barrel on Monday on a combination of renewed geopolitical tension over Iran’s nuclear programme, weakness of the US dollar and low inventories.
