Oil, gas prices 'will climb further should war sanctions on Russia widen'

Crude oil reached its highest since 2014 and the price of European gas for delivery this summer hit a new record, as analysts warned that extending the Russian war sanctions could drive energy prices further.   

The global price of crude oil rose 3% on Friday to almost $114 a barrel despite rising hopes that a potential deal between the US and Iran could boost world oil supplies and ease the concerns over the invasion of Ukraine.