"If Iran continues its nuclear weapons program, we will attack it"
Shaul Mofaz
Israeli transport minister
Israeli transport minister
NEW YORK: Oil prices have shot up more than $11 to a new record above $139 after Morgan Stanley predicted prices would hit $150 by July 4.
Oil's meteoric surge, which pushed prices more than 8 per cent higher in a single day, added to a huge increase on Thursday to cap oil's biggest two-day gain in the history of the New York Mercantile Exchange. The burst higher - which also came on rising Middle East tensions - also raised the prospect of accelerating inflation by adding to already strained transportation costs.
That gloomy outlook sent stocks tumbling, taking the Dow Jones industrials nearly 400 points.
More.
Japanese Trade Minister Akira Amari said on Saturday that current "abnormal" oil prices above $130 a barrel posed a big risk to the global economy and to energy security.
Analyst sees $150 oil within a month
NVDL: I am not sure whether these prices are abnormal. Our living arrangements are, and we are going to experience massive change now. All bets are off - except that oil prices will continue to climb. Now the naysayers [Why oil prices will tank] face obsolesence.
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