Oil Prices Top $90 to Set New Record

The price of oil hit another high overnight. Traders in Asia were willing to pay $92 per barrel.

Two news developments seem to be driving prices higher: One is the confrontation between the United States and Iran. The U.S. announced Thursday sanctions against Iran, which is among the world's biggest producers.

The other development concerns Israel and Lebanon. They are not major oil producers, but news from there also affects oil traders. Lebanese troops fired on Israeli warplanes on Thursday. It's feared that any conflict between those two countries might draw in big producers like Iran, and Saudi Arabia.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

Support comes from: