Missile tests blamed for oil hike
Oil prices set a new record above 147 US dollars a barrel amid fears over growing tension in the Middle East.
Brent crude reached 147.02 US dollars on the London-based ICE Futures Exchange. It has now risen more than 10 dollars in the past two days.
Analysts cited concerns over missile tests by Iran, a member of oil production cartel Opec, as being behind the surge.
Brent's previous record high was 146.69 US dollars a barrel, set on Thursday last week.
The commodity fell to the 136 US dollar level earlier this week amid expectations that a global economic slowdown would lower demand for oil.
But markets were rocked after Iran's state media reported a series of missile tests, including one munition that could reach Israel. Israel responded with a pledge to act if its national security was threatened.
Jeff Brown, managing director of Facts Global Energy in Singapore, said: "There's always a fear premium in pricing. The tensions in Iran and the threat of supply disruption will help support oil prices."
Crude's latest spike means oil prices have risen around 50% this year.
The AA revealed that average UK prices reached new record highs on Thursday of 119.5p a litre for unleaded petrol and 133p for diesel.
Petrol costs have risen nearly a quarter during the past year, and diesel 36%, the motoring organisation's figures show.
