International Oil Prices Renew Highs
International oil prices hit a record high after Israeli forces intensified their attacks on Lebanon in pre-dawn raids, settling above 76 dollars a barrel Thursday, as conflict between Israel and Lebanon heightened tensions in the Middle East. Also, Dubai oil reached 70 dollars per barrel.
On the New York Mercantile Exchange light sweet crude for August delivery shot up as high as 76 dollars and 85 cents a barrel before finishing at 76-70, up a dollar 75 cents from Wednesday, but it finally closed at 76 dollars and 70 cents. It is the first time that international oil prices jumped over 76 dollars per barrel since 1983.
London Brent crude also struck a historic high of 76 dollars and 95 cents in intraday trade before closing at 76 dollars and 69 cents a barrel. Dubai oil reached 70 dollars and 39 cents, up 1 dollar and 40 cents from a day before.
Some experts forecast that this situation would continue due to the ongoing uncertain situation. Israel holds Lebanon responsible for the actions of Hezbollah, a Syrian and Iranian-backed Islamist group that has representatives in parliament and the cabinet.
Other reasons causing international oil prices to skyrocket are because of concerns over supply disruption amid suspected explosions at a crude pipeline in Nigeria, as well as the persisting diplomatic standoff between the West and Iran over Tehran's nuclear program.
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 / 입력시간: 2006. 07.15. 09:19
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