The 27-nation EU called on Iran to negotiate an end to the standoff over its nuclear activities after Tehran tested several missiles, including one said to be capable of striking Israel. However, a defence analyst from the International Institute for Strategic Studies, Mark Fitzpatrick, said on Thursday that a photograph published on the Iranian Revolutionary Guards website appeared to have been doctored to exaggerate the capabilities of the weapons.
11 July 2008: Thomson Financial News
Oil prices hit fresh record highs Friday, boosted by weakness in the dollar and simmering tensions over key producer Iran, which pushed the London Brent contract above $147 a barrel.
Brent North Sea oil for August delivery jumped as high as $147.25, beating the previous record of $146.69 set on July 3.
New York's main oil contract, light sweet crude for August, hit another record peak of $146.90 after breaching $146 for the first time.
The oil price jumped back into record territory after the European single currency leapt as high as $1.5868 in afternoon trading on Friday.
The weak dollar boosts demand for dollar-priced oil which becomes cheaper for buyers using stronger currencies, analysts said.
Oil also found solid support as traders monitored the latest newsflow on Iran.
The European Union expressed concern Friday after Iran test-fired missiles and said the tests would compound worries over its nuclear ambitions, a statement from the French EU presidency said.
The 27-nation EU called on Iran to negotiate an end to the standoff over its nuclear activities after Tehran tested several missiles, including one said to be capable of striking Israel. However, a defence analyst from the International Institute for Strategic Studies, Mark Fitzpatrick, said on Thursday that a photograph published on the Iranian Revolutionary Guards website appeared to have been doctored to exaggerate the capabilities of the weapons.
