The price of Brent crude oil, when measured in euro, hit a record price earlier today, providing another potential headache for Europe's struggling economies.
Brent in dollars also powered to a nine-month high above $124 lifted by heightened tension between Iran and the West before falling back.
On a euro basis, Brent hit a record €93.60 a barrel earlier in the day, exceeding a previous record on July 3, 2008 of €93.46.
The euro has weakened as investors doubted its viability during the region's sovereign debt crisis, while the dollar attracted money looking for relative safety.
On a dollar basis, Brent prices in dollars were still around 19% away from their all time highs of $147.50 a barrel in July 2008.
Prices gave up earlier gains later in the session, with growing worries about the impact of the high prices on demand.
By this evening, Brent crude was up two cents up at $122.92. Prices had earlier risen to an intraday peak earlier in the session of $124.50 on worries that the tensions between Iran and the West could escalate further. US crude was 31 cents lower at $105.97.
On the supply front, US weekly crude stockpiles rose 1.63 million barrels to 340.71 million, and well in excess of a forecast for a 500,000 barrel increase. A rise in stockpiles is usually seen as a sign of weaker demand.
