Global energy crisis hits record

Global markets are reeling as physical oil prices approach $150 a barrel, threatening a worldwide recession.

In the UK, diesel and petrol prices have surged, prompting a massive shift toward electric and hybrid vehicle sales as consumers seek to avoid pain at the pump.

Developing nations in Africa and Asia are facing acute shortages, with some farmers being forced to abandon harvests due to unsustainable transport costs.

The IMF has warned that emerging economies are particularly vulnerable to the resulting interest rate and currency shocks.