yep..UK up 1.3 too..but anyones call now..Not even the chartists can call this one..
aparently its all about fear of war!! Hm!! fear is a player here for sure...
RUDE oil prices went on a record-setting surge overnight as fears of a new Middle East conflict were fanned by comments from a top Israeli official about Iran.
New York's main oil futures contract, light sweet crude for July delivery, leapt $US10.75 a barrel - its biggest one-day jump ever - to close at a record $US138.54.
In London, Brent North Sea crude for July crossed $US138 for the first time and hit $US138.12 a barrel.
It eased back to settle at $US137.69, up $US10.15.
Analysts said the sharp price spike was a reaction to remarks by Israeli Deputy Prime Minister Shaul Mofaz, who is also transportation minister, reported by the Yediot Aharonot newspaper.
"If Iran continues its nuclear weapons program, we will attack it,'' he told the daily, stressing that such an operation could only be conducted with US support.
"Other options are disappearing. The sanctions are not effective. There will be no alternative but to attack Iran in order to stop the Iranian nuclear program,'' Mr Mofaz said.
Antoine Halff, an analyst at Newedge Group, said: "The Mofaz comments bring home the point that the dispute over Iran's nuclear program remains unresolved and that the risks of military confrontation are indeed increasing.
"This will likely be a growing source of market volatility until a solution to the dispute is found.''
Wachovia Securities's Eric Wittenauer said Mr Mofaz's remarks "are the most explicit threat against Iran yet".
BHP Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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