Iran tensions spark record oil prices

OIL prices hit new historic highs yesterday as the price of New York’s light sweet crude hit a peak of $70.88 per barrel (pb).

Markets remain hugely concerned over the threat of the US to launch an attack on Iran, which refuses to give up its drive towards creating a nuclear capability.

Since the first indication by US President George W Bush that a strike on Iran could not be ruled out, the markets have continued to fret about the impact of such a move on global oil stocks, already on a knife edge since Hurricane