The Sterling oil price reached a record high yesterday with Brent Crude hitting £77.77. This exceeded the previous record high set in 2011 during the height of the Libyan war.
Although the $ price is not at its peak, the prevailing exchange rate means that in the UK consumers and businesses are paying more than ever before for their oil.
As indicated in our previous post, analysts blame the peak over concerns of various factors: Iran’s possible blockade, the increasing probability of nuclear weapons being produced in the Middle East, slowing export orders in China and the inevitable Eurozone problems that lie ahead.
Tags: blockade, brent crude, nuclear weapons, oil price, uk consumers
