Oil prices could double again if the sector is hit by any serious disruption, as America’s bid to exclude Venezuelan and Iranian exports from the world market means the globe has very little spare capacity, a top analyst has warned.

Brent crude prices have jumped from a low of less than $30 per barrel in early 2016 to almost $80 now, but could rise to between $100 and $150 if geopolitical events turn out badly, according to David Donora, head of commodities at Columbia Threadneedle.

The upper limit of that range would beat the record high of more than $140 per barrel that was reached briefly in 2008.

“The phrase has been used, and I’d like to find a better one, that the US is ‘weaponising’ its energy independence. That means it can take a very aggressive approach in foreign policy,” he said.

“Under the previous administration sanctions against Iran were able to take about 1m barrels of Iranian crude off the market. A couple of months ago the current administration was aiming to take 2m barrels of Iranian crude off the market.”