The price of Brent crude oil has soared above $93 a barrel for the first time due to concerns over tight global energy supplies.
This afternoon, Brent jumped as high as $93.52, up almost $3 a barrel. US crude rose by $3 to hit an all-time high of $97.07 a barrel.
Oil prices were also lifted by further weakness in the dollar, which makes oil more attractive for investors in countries with stronger currencies.
US oil inventory figures due out tomorrow could potentially push prices higher, as crude jumped by more than $4 a barrel last week after the data revealed a surprise drop for the second week in a row.
The market is expecting the US Energy Department to report that oil fell by around 1.6 million barrels last week. The potential drop is largely thought to come after a recent suspension of output at Mexico's state oil company Petroleos Mexicanos - one of America's largest suppliers.
Meanwhile the price of gold surged to $820 an ounce, its highest level in 28 years, drawing support from strong oil prices, dollar weakness and safe-haven buying.