Higher oil prices could knock the global economic resurgence off course, analysts have warned, as the price has jumped by more than 50pc since its most recent low point in June 2017.

JP Morgan and Barclays have both raised their forecasts for the oil price over the next year, and Morgan Stanley analysts warn it poses “upside risks” to inflation forecasts, as higher oil prices typically lead to higher energy and fuel costs which feed through into higher prices for other goods and services.

Rising inflation is seen as a key risk to economic growth in part because it could force central banks to hike interest rates more quickly, putting the brakes on business and household spending, and on stock markets.

The strong global economy itself has contributed to the rise in prices by increasing demand for oil.

JP Morgan analyst Abhishek G Deshpande predicts this growth will take demand up from 98.6m barrels per day now to 101.1m by the end of the year.