Unrest in the Middle East region and Nigeria rose, causing oil prices to catapult past US$62 a barrel Friday and gasoline futures to continue surging. Crude prices currently stand at their highest level since December - light, sweet crude for May delivery rose to US$62.28 on the New York Mercantile Exchange, after earlier climbing as high as $62.65. The rise follows Thursday’s spike of more than two dollars, after U.S. government figures showed refineries are boosting crude usage to make gasoline and other products. May contract for Brent crude rose to US$63.18 a barrel, on London's ICE Futures exchange.
Iranian naval vessels are reported to have seized 15 British sailors and marines in Iraqi waters, whilst the personnel were "engaged in routine boarding operations of merchant shipping in Iraqi territorial waters. Gunmen have kidnapped 3 foreigners in southern Nigeria, Africa's biggest oil producer, including an Indian and a Lebanese. In a separate incident, gunmen stormed a German construction firm in the main southern oil city of Port Harcourt and kidnapped a Dutch employee.More than 150 foreign workers have been seized in the Niger Delta during a year of stepped-up militant attacks and rising crime. Militants say they are fighting to force the federal government to give more oil revenues to their region and release two leaders on trial for treason or corruption charges.
26-Mar-07 
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