Iran and supply fears keep oil prices near $70

OIL prices in London hit record highs yesterday, reaching $69.71 (€57.58) before falling slightly as the Iran factor continued to keep the price per barrel close to $70.

Fears that oil will hit record highs resurfaced as markets remained nervous due to uncertainty about future supplies.

A combination of high demand, investor interest and continuing fears that the US will launch a military attack on Iran point higher prices ahead, market experts warned.