Brent crude hits record high above 78 dollars in London

0 Comments | AFP, July, 2006

LONDON (AFP) — The price of Brent North Sea crude oil hit a record high point of 78.03 dollars per barrel in electronic trading here.

Brent North Sea crude for August delivery had closed at 76.69 dollars on Thursday.

On Thursday, New York's main contract, light sweet crude for delivery in August, struck an all-time high 78.40 dollars in electronic deals, as Israel's offensive in Lebanon and the Iran nuclear issue sparked concern about prospects for a wider Middle East conflict, dealers said.

On Friday, Israeli warplanes struck Hezbollah's power base in pre-dawn raids after a day of relentless attacks on Lebanon that left around 50 people dead and ignited fears of a regional war that could disrupt oil supplies.

© 2006 AFP