Crude prices soar on tensions in Middle East

(Xinhua)
Updated: 2008-07-11 11:25

NEW YORK-- Crude prices rebounded sharply Thursday on tensions in the Middle East that stirred by Iran's missile testing. Oil futures soared more than US$5 a barrel on the New York Mercantile Exchange.

Iran announced that it has successfully test-fired both medium-and long-range missiles in two consecutive days. Iran's move triggered investors' concerns over stability in the region.

OPEC's secretary general said Thursday that the oil producing group will not be able to replace any shortfalls if Iran is attacked.

After falling by nearly US$10 earlier this week, light, sweet crude for August delivery soared US$5.60 to US$141.65 a barrel on the New York Mercantile Exchange.

In London, Brent crude futures rose US$5.45 to US$142.03 a barrel on the ICE Futures Exchange.

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