Crude oil prices hit all-time highs above 75 dollars per barrel in London and New York on Friday on signs of strong global demand and simmering geopolitical tensions, particularly over Iran and North Korea, analysts said.
New York's main contract, light sweet crude for delivery in August, soared to a new record of 75.78 dollars per barrel, surpassing a previous high reached on Wednesday in the aftermath of North Korea's missile tests.
In London, Brent North Sea crude for august delivery hit an all-time high of 75.09 dollars, beating the previous record of 74.94 dollars achieved on May 2.
"Crude oil has soared to new highs driven by concerns over the strength of US gasoline demand, and supported by ongoing nervousness surrounding Iran's uranium enrichment programme," said Helen Henton, head of commodity research at emerging markets bank standard chartered.
She added that "global concerns continue to dominate" the world's commodity markets.
Adjusted for inflation, current crude prices remain below the nominal value of 85 dollars reached after the 1979 Iranian revolution and later on Friday prices fell on profit-taking.
At the start of 2005, oil stood at around 40 dollars per barrel -- and was just 20 dollars per barrel at the beginning of 2002.
New York's main contract, light sweet crude for delivery in August, soared to a new record of 75.78 dollars per barrel, surpassing a previous high reached on Wednesday in the aftermath of North Korea's missile tests.
In London, Brent North Sea crude for august delivery hit an all-time high of 75.09 dollars, beating the previous record of 74.94 dollars achieved on May 2.
"Crude oil has soared to new highs driven by concerns over the strength of US gasoline demand, and supported by ongoing nervousness surrounding Iran's uranium enrichment programme," said Helen Henton, head of commodity research at emerging markets bank standard chartered.
She added that "global concerns continue to dominate" the world's commodity markets.
Adjusted for inflation, current crude prices remain below the nominal value of 85 dollars reached after the 1979 Iranian revolution and later on Friday prices fell on profit-taking.
At the start of 2005, oil stood at around 40 dollars per barrel -- and was just 20 dollars per barrel at the beginning of 2002.
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