The price of US crude oil has surged past $126 a barrel, mainly due to concerns about tight global energy supplies.
US crude went as high as $126.20 a barrel in London trading this afternoon, while London's Brent crude hit an all-time peak of $125.90. Later, US crude pulled back to stand at $124.80, still up $1.11 from Thursday's close. London's Brent crude later stood at $124.39, up $1.55.
Prices have rocketed to fresh records every day this week on the back of unrest in key producer Nigeria, other ongoing supply worries and the weak dollar, which stimulates demand.
Prices had bolted higher yesterday after OPEC Secretary General Abdalla Salem El-Badri said that there was no shortage of crude oil, brushing aside US calls for higher output to dampen runaway prices.
The 13-member Organisation of the Petroleum Exporting Countries (OPEC) produces about 40% of the world's oil, with current output at about 32 million barrels per day.
Oil has soared 25% since the start of 2008 and has doubled since the same stage last year, when it stood at about $62.
In 1979, when the Islamic revolution in Iran caused a second oil shock, the oil price stood at $20.
