Friday oil prices hit again, surging more than $2 after news that a US cargo ship fired at two boats in the Persian Gulf
Friday oil prices hit again, surging more than $2 after news that a US cargo ship fired at two boats in the Persian Gulf.
There is concern that conflict between the US and Iran could stop supplies coming from Iran. US light crude oil for the delivery in June inched up $2.46 to settle at $118.42 a barrel on the Nymex.
Concern about oil supplies from Nigeria have also spurred oil’s recent rise. There have been a series of attacks on Shell pipelines in the country. A refinery strike in Scotland added to supply concerns.
Oil rose in spite of a strengthening dollar and analysts’ are now predicting oil futures will rise to as much as $130 a barrel.
Among precious metals COMEX gold for June delivery rose 30 cents to settle at $889.70 an ounce after two days of consecutive losses.
Analysts said there was some caution ahead of the Federal Reserve’s decision on interest rates this week. Trepidation about a shift in dollar sentiment also hampered gold prices, analysts said.
