LONDON, May 12: The price of crude oil struck a record high $126.40 a barrel on Monday amid tensions in the Middle East and ongoing supply fears in Nigeria, traders said.

New York crude beat its all-time peak of $126.27, reached last Friday.

Later Monday, New York’s main oil futures contract, light sweet crude for June delivery, stood at $125.48 per barrel, down 48 cents from Friday’s close as profit-taking set in.

On Monday, London’s Brent crude contract for June delivery dropped by $1.23 to $124.17. It had set a historic peak of $125.90 per barrel on Friday.

“The bullish tone in the oil market persists with geopolitical factors supporting,” Bank of Ireland analyst Paul Harris said on Monday.

“Fresh air strikes by Turkey in northern Iraq and continued civil unrest in Lebanon helps to maintain the focus upon supply issues.”

Oil prices have doubled since the same stage last year when they stood at just $62.

They crashed through records every day last week and have rocketed by 25 percent since the start of the year, when they broke the $100-barrier.

Analysts cite a variety of factors for the price spikes, including rising energy demand from Asian powerhouse economies China and India, a weak US dollar and Opec’s refusal to pump more crude.—AFP