Iran-US standoff: Oil prices hit a 4-year high

New Delhi: Crude prices have spiked to their highest levels since 2008 on fears that the West's tensions with Iran have the potential to disrupt supplies through the Strait of Hormuz.

The price of oil has risen 15 per cent since the start of the year.

Analysts say that oil prices also face longer-term pressure due to increased demand from China and other emerging economies - a concern voiced by the US President Barack Obama as well.