Oil Prices Top $90 to Set New Record

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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.



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