As concerns of instability in the Middle East mount, oil prices spiked to US$75 a barrel Wednesday. Light sweet crude for August rose to US$74.95 per barrel on the New York Mercantile Exchange.
World powers sent Iran back to the United Nations' Security Council for possible punishment over its nuclear program, raising concerns over Iran's response.
Israel's military has pushed into Lebanon after Hezbollah militants crossed the border to capture two Israeli soldiers. This is a second front in the fight against militants by Israel, which is waging an operation to free a captured soldier in the Gaza Strip.
A U.S. government report showed a sharp decline last week in domestic crude-oil inventories shrank by 6 million barrels to 335.3 million barrels, though crude supplies are still 2% higher than last year.
The International Energy Agency has readjusted its forecast for world oil demand growth for this year to its lowest level yet, and has predicted that the world's oil supply cushion would grow to more comfortable levels over the next five years.
13-Jul-06 
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