Oil prices jumped to their highest level so far this year, nearing $70 a barrel and accelerating a sell-off in global debt markets. Crude is now at its highest level since Opec’s historic decision in November to let prices fall in a bid to protect their share of the market by squeezing higher-cost producers. Oil has surged more than 50 per cent since January, mitigating the worst rout in the oil price since the global financial crisis. The strengthening price has encouraged expectations of higher long-term inflation rates — one factor driving the sell-off in bonds,.both in Europe and the US.