Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation. So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.

A widening conflict in the Middle East and a surge in oil prices have triggered a rush into bullish bets tied to the commodity. Much of this activity has played out in the derivatives market, where traders have piled into trades that would profit if the rally reached new heights.