Oil prices were hovering around record highs today amid international tensions over Iran’s nuclear programme and disruptions to supply in Nigeria.

Oil prices climbed more than one dollar a barrel today and settled at their highest level in more than seven months as geopolitical friction kept traders nervous about supplies.

A rift developed in advance of a crucial OPEC meeting today when Saudi Arabia said it would go-it-alone if its plan to increase production to counter price rises is rejected.