Oil prices reached a record high on Wednesday as jitters over a possible attack on Iran outweighed concerns that slowing export orders in China and the eurozone crisis could jeopardise global growth. The cost of Brent crude in sterling reached £77.71 a barrel, beating a record set last year at the height of the Libyan war. US crude hit a nine-month high of $106 a barrel this week, though it slipped slightly in trading on Wednesday night. Analysts said a growing boycott of supplies from Iran, which is Opec's second largest producer, had encouraged traders to hoard oil contracts at higher prices. Prices have risen ... (full story)