Oil prices hit record peak after security alert

OIL prices struck a record peak yesterday, climbing close to $44 (36.5) a barrel after the United States raised its security alert to high for a possible al-Qaida attack on a top financial institution.

Dealers said the increased security threat was boosting the market, which is already worried by possible sabotage strikes on oil infrastructure in the Middle East at a time when producers are pumping close to full tilt to supply soaring oil demand.

US light crude hit a peak at $43.92 a barrel, marking a gain of 12 cents over Friday’s settlement and the highest level reached since oil futures were launched on the New York Mercantile Exchange in 1983.