WASHINGTON (AP) — World oil prices climbed more than $1 a barrel Monday, with futures hitting a record in London and a seven-month high in New York, as geopolitical friction kept traders nervous about supplies.
Chief among the oil-market fears these days are Iran's nuclear standoff with the international community and violence in Nigeria that has forced the shutdown of more than half a million barrels a day of supply. Both Iran and Nigeria are members of OPEC.
Another source of concern is that more than 300,000 barrels per day of Gulf of Mexico production remains off the market as a result of last summer's hurricanes.
After climbing as high as $68.99 — surpassing the Aug. 30 intraday record of $68.89 — May Brent crude on London's ICE futures exchange settled $1.46 higher at $68.75 a barrel.
On Monday, light sweet crude for May delivery rose $1.35 to settle at $68.74 a barrel on the New York Mercantile Exchange. It was the highest close since Sept. 1, 2005, when Nymex futures settled at $69.47.
"The all-time highs (are) squarely in focus," said oil broker Andrew Lebow of Man Financial in New York. On Aug. 30, front-month crude-oil futures traded as high as $70.85, then settled at $69.81.