Oil held strong above $66 a barrel today as the standoff over Iran's nuclear program and recent US refinery glitches supported higher prices.
US crude was trading down 17 cents at $66.10 a barrel at 1805 GMT, below Friday's $67.10 record, while London Brent was down 13 cents at $65.45.
Oil has soared about 50% this year on worries the industry is struggling to pump and refine enough crude. Overall, the relentless rise has lifted oil towards the inflation-adjusted $82 average in 1980.
Iran's decision to restart uranium conversion is holding up oil prices. The move has put OPEC's second biggest producer at odds with the United Nations nuclear watchdog and the market is nervous, even though possible punitive sanctions are a long way off.
Figures today showed consumer inflation was feeling the heat of the higher fuel prices. US July consumer prices rose at their fastest rate in three months and UK inflation was at its highest level since comparable records began in 1997.
