Oil prices have swiftly fallen back from record highs, reflecting stock market falls across Europe after this morning’s series of explosions on London's transport system.
US light sweet crude dropped to $59.60 a barrel after hitting a record $62.10 earlier in the day. And in London, Brent crude fell to a session low of $57.71, after reaching a record $60.70.
The hurricane threat in the Atlantic, which threatens US production in the Gulf of Mexico, had sent prices soaring.
But the tragic events in London, including explosions on the Underground network and a number of buses have changed the direction of the market.
Dealers have already voiced concerns about the impact of the incidents in London. "If this is our 9/11, then the market will sell off very heavily on that," analyst Nigel Saperia of Glencore told the BBC.
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