World oil prices hit their highest points for more than nine months today, mainly owing to concerns about fuel supplies in the United States and Nigeria, analysts said.
In London, Brent North Sea crude for August delivery reached $72.25 per barrel, which was last seen on August 28, 2006. It later stood at $72.05, up 58 cents from Friday's close.
New York's main oil futures contract, light sweet crude for delivery in July, soared to $69.05 per barrel - the highest point since September 5. It later stood at $68.83, up 83 cents, in pit deals.
Oil futures leapt as traders continued to focus on low US petrol reserves during the ongoing driving season, when demand for petrol spikes as many Americans take to the roads for their summer vacations.
Elsewhere, international political tensions were providing some price support.
Nigerian unions today delayed the start of a general strike by two days but warned that when it did begin on Wednesday it could hit oil exports from Africa's biggest producer.
Unions had given the government until midnight Sunday to reverse a doubling of value-added tax (VAT), a 15% hike in fuel prices and to review a decision to sell two state-owned oil refineries.
Nigeria is Africa's biggest oil producer and the world's sixth largest exporter, accounting for 2.6 million barrels a day, but a quarter of this has been lost to unrest in the volatile oil-producing south.
Meanwhile last week, oil prices gained 5% in New York and 4% in London as the US Department of Energy revealed that US petrol inventories were unchanged at 201.5 million barrels in the week ending 8 June.
