A financial crisis at Russian oil giant Yukos has caused concern across the oil world and sent prices spiraling to new highs.

Brent crude surged to $39.25 a barrel in today’s late afternoon trade, a 14-year peak, as Russian bailiffs ordered Yukos to cease sales.

In the US, the light crude price rocketed to $43.05 - 60 cents more than June's 21-year high.

The fresh surge comes on the back of news that Yukos, which is responsible for 20 per cent of Russia's oil output, has been told by the Russian justice ministry to stop selling property, effectively prohibiting oil transactions.

Russia is the world's second biggest oil exporter after Saudi Arabia. If Yukos has to halt production, up to 1.7 million barrels a day could be affected.

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