Oil jumps above 126 dollars

AFP
Monday, Aug 4, 2008

Oil prices rose above 126 dollars in Asian trade Monday over fresh worries about Iran’s disputed nuclear programme and a new storm brewing in the Gulf of Mexico, dealers said.

In afternoon trade, New York’s main contract, light sweet crude for September delivery, jumped 96 cents to 126.06 dollars a barrel from its close of 125.10 on Friday.

Brent North Sea crude for September delivery was up one dollar at 125.18.

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“It’s Iran again… the Iranian issue remains fluid and it looks like more sanctions will be imposed by the world powers and they will likely raise tensions over Iran,” said Victor Shum, a Singapore-based analyst at Purvin and Gertz.

Iran is the world’s fourth-largest crude oil producer and traders fear supply disruptions from the Islamic republic if tensions between Tehran and the West heighten over its controversial nuclear programme.

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