The price of crude oil has hit an all-time high for the fifth time in six trading sessions.
New York sweet light crude touched a new high of $108.21 a barrel, before edging down to trade at $107.93. Analysts at the International Energy Agency said that real oil prices are higher than the previous peak reached in April 1980, which was $102.53 in today's money.
But the oil price measure used then was slightly different to the one in current use and so it is difficult to make an accurate comparison.
The high oil price is making petrol and energy costs more expensive around the world, putting financial pressure on businesses and household budgets.
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