O2 has run out of iPhones following last month's £100 price cut, which was widely seen as a bid to clear stocks before the rumoured release of a 3G version next month.

The company's online store ran out of the £329 16GB version this morning though it was still available in stores. A spokeswoman sad it would be available online shortly.

O2 said in a statement: "We have been delighted with the response to our iPhone price promotion which has surpassed our expectations. Owing to this success we are currently out of stock of the 8GB iPhone."

The company said the company was "reviewing the situation" over 8GByte stocks.

If the 3G iPhone is released as expected next month it may be months before the model is available in Britain.