Missile tests blamed for oil hike

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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.