LONDON, June 29: World oil prices jumped by over $1 on Thursday as traders worried about weak supplies of motor fuel in the US during the country’s peak-demand driving season.

New York’s main contract, light sweet crude for delivery in August, leapt by $1.17 to $73.36 per barrel in pit trading, after earlier reaching as high as $73.50.

In London, Brent North Sea crude for August delivery soared by $1.44 to $72.85 per barrel in electronic deals, after earlier touching $72.98 — last seen on May 12.

“The rise in prices is related to two factors: demand for gasoline and Iran,” said Roger Diwan at PFC Energy.

Data on Wednesday had shown weaker-than-expected gasoline stocks at the beginning of the US driving season, which is when many Americans fill their tanks and hit the roads for their summer holidays.

The US Department of Energy (DoE) said on Wednesday that US reserves of gasoline, or petrol, had fallen by one million barrels to 212.4 million last week.—AFP