The London offices of oil giants BP and Shell were raided on May 15 by investigators from the European Commission probing allegations that companies were manipulating the price of crude oil.

This is the latest investigation into price fixing in the UK, following probes into the manipulation of the Libor interest rate and gas prices, writes The Independent, adding that:

the EC’s decisive action escalated a campaign that has been gathering momentum in recent months, after a report for the G20 last summer found that the market is wide open to ‘manipulation or distortion’.