Oil price hits $117 a barrel, its highest since April, amid fears the Iran war will flare up again

Brent crude has soared 60 per cent since the US and Israel launched strikes on Iran on February 28, and futures signal it will stay above $100 until April. In the Strait of Hormuz, 18 or more vessels were struck over a two-week period, among them two tankers that Iran claims hit mines. Iran-backed Houthis attacked a Saudi airport, killing two. US drivers now pay $4.29 a gallon.

Iran's army chief says his military is ready for 'asymmetric warfare'.

America's WTI benchmark topped $102, up more than 50 per cent since the war began.

Brent has now risen for a third straight week, gaining almost 6 per cent this week alone.