A supply crunch and mounting fears of an Israeli air strike on Iran propelled oil to $143 a barrel at one stage yesterday, prompting warnings from the International Monetary Fund (IMF) of a severe economic crisis in poorer regions.

"Some countries are at a tipping point," said Dominique Strauss-Kahn, the IMF's managing-director.

"If food prices rise further and oil prices stay the same, some governments will no longer be able to feed their people. ... Read full article