Crude oil price hits record highs in euros and sterling Traders buying in euros saw the price of Brent rise to €93.60 a barrel, cruising past the previous peak of €93.46 in July 2008. It also broke new ground in sterling, topping £79 a barrel. The increases were driven by fluctuating exchange rates as well as escalating political tensions with oil-producing nations, in particular between Iran and the West over the former country's nuclear programme. They come at a perilous moment for Europe, which only this week agreed a bailout package for Greece and is still in a fragile state. The European Commission said on Tuesday that the EU would fail to grow this year and the eurozone is expected to experience a mild recession. Last year, falling oil prices helped convince central banks that growth was on the cards in 2012. A rise in the cost of oil is likely to deliver a further blow to consumer confidence. In the US, the price of Brent crude rose two cents to $122.92, briefly topping $124 a barrel. It has risen more than 10pc this month but is still a long way shy of the $147 a barrel record set in mid-2008.