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Date: Friday 11 Jul 2008
LONDON (ShareCast) - Crude prices surged ahead again as geopolitical tensions in the Middle-East and Nigeria pushed up prices.
Oil for August delivery rose $5.60 to settle at $141.65 a barrel.
Iran tested missiles again on Thursday, having already launched a few the day before, raising fears of a possible confrontation between the country and Israel.
OPEC secretary General Abdalla El-Badri said there would be no way of replacing the oil production of Iran if there is any conflict between the two nations.
Meanwhile, a Nigerian militant group said it will call of its cease-fire at midnight on July 12. The militant group is known for attacking pipelines and other oil installations.
Gold rallied higher thanks to the rising oil price and the weaker dollar. Gold futures for August contract settled up $13.40 at $942 an ounce.