Soaring oil prices     

By Rafii
  
Tehran, 2008 July 1, IRIB
 
The international oil market has once again entered a turbulent and unstable phase. Following US dollar devaluation and raised concerns over escalation of tensions in Middle East oil prices reached record highs in international markets, standing at US$144 per barrel. During the deals in New York market on Monday, each barrel of US light crude oil was purchased US$143.67 per barrel. Meanwhile, the price of North Sea Brent oil also stood at US$143.53 per barrel. This is the third consecutive day of oil price hikes, while gold price has also soared, standing at over US$935 per ounce.

The oil experts have warned that intensified crisis in the strategic Persian Gulf region, due to threats leveled by the US and the Zionist regime against Islamic Republic of Iran may soon rise oil price to US$200 per barrel.

According to Organization of Petroleum Exporting Countries (OPEC), there is no shortage of supplied oil in the international oil market, while international inflation, devaluation of US dollar, deals of Western oil companies, and the current political conditions governing the market are the main reasons behind oil price rise.

Last week, the extraordinary meeting of the major oil consumers and producers across the world was held in Saudi Arabia and despite Saudi Arabia's agreement to increase its oil output by 200,000 barrels, the prices still soared.

Currently, the 19th International Oil Congress is held in Spain's capital Madrid in the presence of ministers and representatives of 60 countries in order to study the state of energy market. But the oil prices are still surging, mounting concerns over the state of market, especially among oil consumers.