Oil hits another new high

Concerns about supply disruptions and tension in the Middle East sent crude oil prices to a new record in early morning trading. The price for a barrel of light, sweet crude oil rose $3.46 to a record $143.67 in electronic trading on the New York Mercantile Exchange this morning, on concern that Israel may launch attacks against Iran over its nuclear program, thereby disrupting supply from the second-largest producer in the Organization of the Petroleum Exporting Countries. Crude oil prices eased later in the day, closing down 21 cents to $140 per barrel. The Hague, Netherlands-based Royal Dutch Shell PLC said today that there were no attacks on its oil flow stations in Nigeria over the weekend, following local media reports of military clashes with militants near its facilities, according to a Reuters report. The average U.S. gasoline price hit a new high of $4.086 per gallon today, surpassing the previous record of $4.08, reached on June 16, according to a daily survey by the American Automobile Association of Heathrow, Fla. On Friday, crude oil futures ended the day at $140.21, marking the first-ever close over the $140-per-barrel mark.