Brent crude oil has jumped back above $70 a barrel, regaining a level it has only briefly traded at since the beginning of the pandemic and stoking wider inflation fears as raw material prices soar.
The international oil benchmark, which slumped below $20 a barrel last April as Covid-19 lockdowns hammered fuel demand, is now comfortably back at its pre-pandemic level as traders bet oil demand will rise later this year.
The rollout of vaccines in developed countries and the tapering of restrictions is expected to lead to a surge in international travel and a pick-up in the wider economy, while concerns about long-term supplies of commodities such as copper and oil have intensified.
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