Oil hits record highs

Oil prices have hit record highs, after a series of events brought fresh fears to already jittery worldwide commodity markets.

US light crude reached a record $75.89 a barrel, while London Brent crude hit a new high of $75.60.

A combination of Israeli aggression in the Middle East, supply fears in Nigeria, and continued confrontation of Iran served to stoke fears over global supplies.

And a reduction in US oil inventories despite the imminent summer driving season added to trader concerns.

The news continues to show continued volatility in the trading markets, which are already concerned with the geopolitical risks to the world oil supplies.

Continued oil price rises are also likely to continue to put pressure on upward inflation, making it all the more likely that more than one increase in interest rates may be required over the following months.

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