Global equities were on Friday heading for their worst first-half performance in 26 years after a week in which oil surged to a record and there were renewed worries about the health of the financial system and ­global growth.

A high of $142.99 a barrel for oil sparked a tumble in Asian markets and selling in Europe and New York. The Dow Jones Industrial Average on Friday closed just shy of 20 per cent below its record high set in October and is on cusp of entering an official bear market.