The price of oil hit a record of nearly $144 a barrel yesterday, threatening further pressure on pump prices ahead of the first fuel price protest to be officially backed by the Road Haulage Association.

Sweet US crude for August delivery rose by more than $3 in New York to $142.99 while North Sea Brent crude futures reached $143.99.

The latest increase in oil prices was blamed on rising tension between Iran and Israel and expectations of further falls in the value of the dollar - oil is often bought to hedge against a falling greenback. ... Read full article