LONDON, July 7: Crude oil prices hit all-time highs above $75 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 per barrel, surpassing a previous high reached on Wednesday in the aftermath of North Korea's missile tests.

In London on Friday, Brent North Sea crude for August delivery hit an all-time high of $75.09, beating the previous record of $74.94 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.

Adjusted for inflation, current crude prices remain below the nominal value of $85 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 per barrel at the beginning of 2002.

At about 1640 GMT on Friday, the New York contract stood at $74.50 per barrel, down 64 cents from Thursday's close. London Brent lost eight cents to $74.

The market was further supported by strong demand and stretched supplies, analysts said.

Demand is so strong -- especially during the US summer driving season — that Thursday's report of higher US gasoline (petrol) inventories in the week ending June 30, had little impact on prices. —AFP