LONDON, March 28: Oil prices slipped back marginally here on Friday, after initially shooting up to their highest level since the war in Iraq began, as dealers reacted to fears about the ongoing war with Iraq.

The price of reference Brent North Sea crude oil for May delivery slipped 15 cents per barrel from the previous closing to $26.67 in late trading.

The fall-back followed an early surge which saw prices nudge the $27.50 mark.

New York’s benchmark light sweet crude contract for May delivery slipped by 22 cents to $30.15 a barrel in early trading, having leapt by $1.74 the previous day.

“One of the reasons why it pushed higher was the perception that the (military) hike to Baghdad would take longer than expected,” said Prudential Bache broker Christopher Bellew.—AFP