Oil prices surge higher and higher on Middle East tensions

The price of oil surged on Wednesday night to highs not seen in more than two years, as investors become increasingly concerned that the unrest in Libya could spread to other oil exporters.

Brent Crude has now posted its biggest three-day gain in well over a year, peaking over $119 per barrel.

US crude has touched $100 for the first time since the collapse of Lehman brothers and is now up 15%.

Stock markets are being rattled by the fear soaring fuel prices could derail the economic recovery - as Matthew Davies reports.

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