Oil reaches a sterling highest-ever price on Iran fears.

Jitters over a possible attack on Iran are outweighing concerns that slowing export orders in China and the eurozone crisis could jeopardise global growth. The cost of Brent crude hit $121.92 a barrel, or £77.77. The previous sterling record was set last year at the height of the Libyan war. US crude hit a nine-month high of $106 (£67.62) a barrel this week. The highest price recorded in dollars was $147 in July 2008, when the pound was stronger. A high oil price pushed UK inflation last year to above 5%.