The price of Brent North Sea crude oil struck a record $74.93 a barrel in London this evening, owing to heightened concerns over the Iranian nuclear energy crisis. The price was up $1.04 from Monday's close.
New York's main contract, light sweet crude for delivery in June, surged by $1.05 to $74.75. The US record of $75.35 was reached on April 21.
Crude futures had already surged by about $2 a barrel on Monday on jitters about Iran as well as Bolivia's announcement that it was nationalising its energy.
The market was awaiting the outcome of a meeting in Paris later of the UN Security Council's five permanent members - Britain, China, France, Russia and the US - plus Germany. Their aim is to thrash out a common position over Iran, which is the world's fourth-biggest producer of crude.
Today's meeting follows a report last Friday by the UN atomic watchdog, the International Atomic Energy Agency, that had confirmed Iran has ignored demands to freeze uranium enrichment.
