Oil prices topped $80 a barrel today as a strike at French energy giant Total and concerns over Iran's nuclear programme rattled the market.
New York's main futures contract, light sweet crude for delivery in March, hit an intra-day high of $80.51 a barrel. It later stood at $80.02, up 21 cents compared with Friday's close. Brent North Sea crude for April delivery gained 22 cents to $78.41.
A strike by workers of energy major Total entered its sixth day today. France's government moved to calm fears of petrol shortages during the open-ended strike at all of oil giant Total's refineries, as families hit the road for the half-term school holiday.
Some French drivers rushed to fill their tanks yesterday after workers at Total raised the threat of shortages. Total supplies about half of France's filling stations.
Meanwhile, tensions between crude-exporter Iran and the West over Tehran's alleged nuclear weapons ambitions also helped boost prices.
The US and other world powers are drumming up support for a fourth round of UN sanctions against Iran for its refusal to comply with repeated ultimatums to suspend uranium enrichment and agree to a UN-backed nuclear fuel deal.
