Brent crude fell by 86 cents to $124.61 a barrel today, after settling at its highest price since 29 April last year amid concerns over supply disruption, as tensions surrounding Iran’s nuclear programme continue.

Meanwhile, US crude slipped by 44 cents to $109.33, after rising for a seventh straight session and ending at the highest level since 3 May 2011, reports Reuters.

Oil may have fallen as Saudi Arabia increased exports in the past week and is offering extra supplies to its biggest customers worldwide.

There have been warnings from the International Monetary Fund about the threat to the global economy caused by continuing rises in oil prices.