July 01, 2008	Tuesday	Jamadi-us-Sani 26, 1429

LONDON, June 30: Oil prices hit record highs close to $144 per barrel on Monday as the dollar slid and tensions simmered over Iran amid protests aimed at sky-high crude costs.

London’s Brent North Sea oil scored a historic peak of $143.91 a barrel and New York light sweet crude struck an all-time high of $143.67.

After striking a fresh pinnacle, Brent North Sea oil for August delivery stood at $140.40 a barrel, a rise of nine cents from Friday’s close. New York’s main oil contract, light sweet crude for August delivery, was at $141.21, a rise of one dollar exactly.

On Monday, high fuel prices sparked protests among hundreds of truckers across France, blocking main highways and snarling commuter traffic around Paris.

Meanwhile, leading figures in the oil world gathered in Madrid for one of the industry’s biggest events, with the search for a remedy to record crude prices again stymied by division about the causes.

“Crude oil prices have continued to rise, given continued dollar weakness against the major currencies,” said analysts at energy consultancy John Hall Associates.

“Geopolitical tensions are also evident ... given continued unrest in Nigeria following news of another attack on the country’s oil infrastructure and simmering tensions between Israel and Iran.”

Elsewhere, tensions over crude producer Iran also kept the market on edge.

The commander of the US navy’s Fifth Fleet warned on Monday that the United States will not allow Iran to shut the Strait of Hormuz, the Gulf sea lane through which much of the world’s oil is supplied.—AFP