Jul 05 3:26 PM US/Eastern
Crude oil futures soared to all-time record highs in New York as markets were roiled by news of missile launches by North Korea and tensions over Iran, dealers said.
New York’s main contract, light sweet crude for delivery in August, leapt 1.26 dollars to a record closing high of 75.19 dollars a barrel. Prices soared as high as 75.40 dollars a barrel, an all-time intraday record.
That topped the prior record close of 75.17 dollars and intraday record of 75.35 dollars a barrel, both set on April 21.
Trading of light, sweet crude was suspended on Monday and Tuesday because of the US Independence Day holiday.
Brent North Sea crude for August delivery jumped 1.46 dollars to 73.98 dollars per barrel in closing trades in London on Wednesday, approaching its all-time record of 74.97.
North Korea test-fired up to seven missiles on Wednesday including a long-range Taepodong-2 capable in theory of reaching US soil, triggering international outrage and crisis talks at the United Nations Security Council.
“Geopolitics continues to attract the attention of the oil community,” Barclays Capital analyst Kevin Norrish said.
“While not directly energy market-related news that North Korea has test-fired seven missiles … it has perhaps added to the awareness that global geopolitics are currently in a state of considerable potential flux.”