Israeli incursion boosts oil prices

07/24/2006
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...
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