Oil prices end the week at 7 week high on concerns over geopolitical tensions in the Middle East

23-Jul-12

Brent North Sea oil for delivery in September spiked to US$107.4 while oil on the Nymex rose to US$91.8. Oil prices ended the previous week at seven-week high on concerns over the impact of escalating geopolitical tensions in the Middle Eastern countries of Syria and Iran. Israel accused Iran and Lebanese group Hezbollah of carrying out a deadly attack against Israelis in Bulgaria, setting the stage for new tensions in West Asia.