Oil soars to new record on Iran, Nigeria worries

Crude-oil futures soared to a fresh record high Friday morning, surpassing $147 a barrel, propelled by mounting tensions on Iran and worries about supply disruptions in Nigeria and Brazil.

Crude hit an all-time record of $147.27 a barrel in electronic trading on the Globex exchange. At the New York Mercantile Exchange, the contract for August delivery was last up $4.95 to $146.60 a barrel.

"Everything that we were worried about going into the [July 4] holiday weekend has reemerged," said Phil Flynn, vice president at futures brokerage Alaron Trading in Chicago.

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- Posted: 2008-07-11 09:40:57

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