Israeli incursion boosts oil prices

Crude prices soared to record highs above $78/bbl July 14 after Hezbollah raids into Israel triggered an Israeli military incursion into southern Lebanon earlier that week. The August contract for US light, sweet crudes hit an all-time high of $76.85/bbl for a front-month contract during intraday trading July 13 on the New York Mercantile Exchange. Its closing price also was a record, $76.70/bbl. The price continued climbing to $78.40/bbl in electronic trading after the market closed then settled at another record high finish of 77.03/bbl on July 14.Iranian President Mahmoud Ahmadinejad warned that an Israeli attack on Syria would be construed as an act against the Islamic world. Both Ira...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected