Record Oil Prices

With Geopolitical developments making the oil markets jittery, oil has hit a high of $78 a barrel. Among the many challenges for cheaper oil is the worsening Israel and Lebanon fighting. Speculators are fearing that the conflict could spread to other countries in the troubled Middle East region.

Oil prices hit $78 a barrel
"US crude went up to $78.40 a barrel during trading on Friday before settling up 33 cents at $77.03. Crude oil on the New York Mercantile Exchange rose $2.94 - or 4% - during the week. London Brent rose 58 cents to $77.27 a barrel, after jumping to a record of $78.03 a barrel earlier in the day." Aljazeera

# Oil News, World News