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Oil Above $76

With Iran back in the penalty box and the Israel-Hezbollah conflict escalating, crude oil is setting record highs.

Light, sweet crude for August delivery shot up $1.35 to $76.30 a barrel on the New York Mercantile Exchange, surpassing the previous intraday high of $75.78 set last Friday.
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"With little prospect of any good news on Nigeria, Iran and global demand any time soon, the risks remain on the upside and the prospect of a move to, and through, $80 per barrel must be very real, very soon," said Paul J. Harris, head of energy and emissions at Bank of Ireland Global Markets in Dublin, Ireland.

The hurricane season in the Gulf of Mexico could be a catalyst for even more price spikes, Harris said.

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Oil Above $76

With Iran back in the penalty box and the Israel-Hezbollah conflict escalating, crude oil is setting record highs.

Light, sweet crude for August delivery shot up $1.35 to $76.30 a barrel on the New York Mercantile Exchange, surpassing the previous intraday high of $75.78 set last Friday.
...
"With little prospect of any good news on Nigeria, Iran and global demand any time soon, the risks remain on the upside and the prospect of a move to, and through, $80 per barrel must be very real, very soon," said Paul J. Harris, head of energy and emissions at Bank of Ireland Global Markets in Dublin, Ireland.

The hurricane season in the Gulf of Mexico could be a catalyst for even more price spikes, Harris said.