THE Gulf oil spill has surpassed the Exxon Valdez soill as the worst in US history, according to new estimates released yesterday, but the Coast Guard and BP said an untested procedure to stop it seemed to be working.

Crude oil prices rose more than $1 a barrel yesterday, while the US oil industry assessed damage from Hurricane Rita.

Reports of extensive damage and photos of fallen oil platforms in the Gulf of Mexico sent crude oil prices surging above $70 today, as the realities of the long-term damage from Hurricane Katrina began to sink in.

Crude oil prices pushed past the psychologically important $50 per barrel mark today to an all-time high of $50.01 as the market stayed bullish on a slow post-Hurricane Ivan recovery in the Gulf of Mexico.