ISME concerned at oil price rises

Independent Business Organisation ISME has said it is "extremely concerned" at rising oil prices and the impact on smaller companies’ costs.

Brent crude oil jumped to a fresh record high above $74 a barrel this morning. A steep drop in US petrol stocks fuelled fears of tight summer supplies at a time of growing anxiety over Iran's exports.

US May crude oil futures rose 32 cents to $72.49 a barrel, its third day running to make a new all-time high.

"With oil prices reaching new record levels on a daily basis and no end in sight to the current dispute between the US and Iran, small businesses, particularly those involved in manufacturing, are fearful that energy costs will drive many of them out of business unless urgent action is taken," ISME said today.

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