NEW YORK : World oil prices surged to historic highs Friday, breaching 92 dollars for the first time in New York amid rising tension in crude-rich Iran and tightening US energy supplies.
New York's main futures contract, light sweet crude for delivery in December, soared to a record intraday high of 92.22 dollars per barrel before settling at an all-time closing high of 91.86 dollars, up 1.40 dollars on the day.
In London, Brent North Sea crude for December delivery struck an all-time pinnacle of 89.30 dollars per barrel Friday. It later settled at 88.69 dollars, up 1.21 dollars.
Crude futures have rocketed by about 10 dollars in a month and by 30 dollars, or 50 percent, in a year.
"Supply tightness and developments surrounding Iran remain the focus of attention," Sucden analyst Michael Davies said Friday.
The United States on Thursday ratcheted up pressure on Iran over its nuclear drive and alleged backing for terrorism with a raft of new sanctions against the Islamic republic's military and banks.
<----------- Another historic high... US$100 a barrel is definitely a big possibility by end 2007
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