Oil falls to lowest price in 11 years amid Middle East tensions

The London market was sharply lower after oil plummeted to its lowest price in 11 years amid mounting tensions in the Middle East.

The FTSE 100 Index was 113.3 points lower at 6023.3, as Brent Crude slumped by more than 2% to 34.83 US dollars a barrel at one point today, as diplomatic relations between Saudi Arabia and Iran continue to deteriorate.