Oil prices were higher in Asian trade this morning as violence continued to rage in the Middle East.
New York's main contract, light sweet crude for delivery in August, was trading at $77.35 a barrel, up from $77.03 in the US late on Friday, when it struck an all-time high of $78.40. Brent North Sea crude for August was at $77.27, having hit a record $78.03 on Friday.
Dealers said oil looked set to break the $80 barrier, with some even talking about the possibility of $100 as the Group of Eight (G8) major powers warned of 'serious' challenges posed by rising crude prices.
'We have to deal with serious and linked challenges such as high and volatile oil prices,' the G8 leaders said in a statement adopted at their summit in Saint Petersburg in Russia.
Leaders of the world's most powerful nations pledged to promote 'open, transparent' energy markets, while vowing to pursue 'development of alternative energy sources, including nuclear power.
Oil prices have spiked since Israel launched a wide military offensive across Lebanon on Wednesday, sparked by the abduction of two Israeli soldiers.
New York's main contract, light sweet crude for delivery in August, was trading at $77.35 a barrel, up from $77.03 in the US late on Friday, when it struck an all-time high of $78.40. Brent North Sea crude for August was at $77.27, having hit a record $78.03 on Friday.
Dealers said oil looked set to break the $80 barrier, with some even talking about the possibility of $100 as the Group of Eight (G8) major powers warned of 'serious' challenges posed by rising crude prices.
'We have to deal with serious and linked challenges such as high and volatile oil prices,' the G8 leaders said in a statement adopted at their summit in Saint Petersburg in Russia.
Leaders of the world's most powerful nations pledged to promote 'open, transparent' energy markets, while vowing to pursue 'development of alternative energy sources, including nuclear power.
Oil prices have spiked since Israel launched a wide military offensive across Lebanon on Wednesday, sparked by the abduction of two Israeli soldiers.
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