Crude oil has soared to new record highs near $146 in the US amid ongoing geopolitical concerns over Iran.

In New York, the benchmark light, sweet crude rose as high as $145.98 a barrel before settling at $145.08 - up Global energy needs 'to grow 50%' ...
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Mailbox ... $3.43 from Thursday's close.

In London, Brent crude was $3.57 higher at $145.66 - but below a record peak of $146.69 seen last week.

Traders said concerns surrounding missile tests by Opec member Iran had helped drive prices higher.

Meanwhile, lingering fears about global oil supplies also helped to push up prices.

On Thursday, oil prices surged by almost $6 on the back of worries about Iran's missile tests the second largest member of oil producing cartel Opec.

A day earlier, the country, which is the second largest Opec producer, successfully test-fired long and medium-range missiles adding to concerns about Tehran's disputed nuclear programme.

(BBC)

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