Oil prices hit a record high of $75.78 a barrel today, boosted by strong demand in the US and global tension ranging from Iran's nuclear work to North Korea's missile tests.
US crude was up 16 cents at $75.30, having earlier hit a record $75.78.
London Brent rose 59 cents at $74.67, having earlier hit a record $75.09.
Oil in New York is up 23% this year because of supply cuts in Nigeria, the dispute over Iran's nuclear programme and a flood of investment fund money into commodities.
Adjusted for inflation, oil is more expensive than at any time since 1980, the year after the Iranian revolution.
The US uses 40% of the world's petrol and a quarter of its crude oil supply.
Rebel attacks in Nigeria have shut almost a quarter of the country's output and the Iranian nuclear row has raised fears of supply cuts from the world's fourth-largest exporter.
Oil has rallied from below $20 at the start of 2002, driven by rising global demand led by the US and China that has stretched oil producers and refiners.
Opec the producer group which pumps more than a third of the world's oil, has been powerless to stem the surge in prices, blaming a lack of investment in new refineries.
Growing demand and a strain on supply suggest that strong oil prices are here to stay unless a recession leads to a collapse in demand, investors say.
