Oil spikes to fresh multi-year peaks

London: World oil NSE -1.71 % prices vaulted Monday to fresh multi-year pinnacles on strong demand and tight supplies, fuelling inflation worries and weighing on most European stock markets.

London Brent oil jumped to a three-year high at $84.38 per barrel, while New York’s WTI crude leapt to a seven-year peak $81.72, though both eased lower later in the day.