Are we about to enter a global recession? Fears grow oil could hit $150 a barrel

Petrol prices, as pictured here at a forecourt in Liverpool, are increasing with fears that a recession could be triggered (Picture: EPA)

Financial markets have plummeted, and oil prices have surged as the Iran War enters its fourth week – with fears it could spark a global recession.

Brent crude lifted 1% to nearly 114 US dollars a barrel after Iran warned it would strike electrical plants across the Middle East if US President Donald Trump bombs power stations in the Islamic Republic.