Iran missile tests blamed for oil price record

Oil prices set a new record above US$147 a barrel today amid fears over growing tension in the Middle East.

Brent crude reached US$147.02 on the London-based ICE Futures Exchange. It has now risen more than US$10 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.