World markets have responded positively to Brent crude futures falling by more than $3 after the Arab League said it was considering stepping in to end the crisis in Libya.
The price of gold has hit a record high on concerns about unrest in the Middle East and contagion risk from Libya, while oil has topped the $116 a barrel mark.
Commodities guru Jim Rogers says oil will continue to rise because there have been no major oil field discoveries in over 40 years.
Investment trusts increased their dividend yields last year despite BP hampering many income portfolios, according to research by Oriel Securities.
The oil price could surge to $220 a barrel and thwart the global economic recovery, according to Nomura.
Saudi Arabia is stepping in to prevent an oil supply blackout driven by the Libyan turmoil, the Financial Times reports.
Oil prices do not yet reflect a crisis, although the risk of political contagion across the MENA region could force the crude price up over $150 a barrel in the short term, says Mark Lacey at Investec.