Oil price reaches a record high

[Steve Gardner]

Well, thanks to that clown Olmert's comments that a strike against Iran is inevitable, the oil price has shot to new record highs.

Source and full, very depressing article: BBC

The price of oil has made a record jump to nearly $139 a barrel, amid reports it could reach $150 by July because of rising demand and political tension.

Crude oil in New York gained more than $10 to hit $138.54.

The spike in oil prices coincided with a dollar slump, plummeting share prices on Wall Street and US unemployment suffering its biggest rise in 20 years.

Correspondents say the oil price was also pushed up by comments from Israel that a strike on Iran was inevitable.

Israeli transport minister Shaul Mofaz told the Yediot Aharonot newspaper an attack on Iran's nuclear facilities seemed inevitable.

"If Iran continues its nuclear weapons program, we will attack it," he told the daily.