Oil prices hit record levels for the third time in less than a week as they soared above $78 per barrel on Friday, July 14.
Light, sweet crude hit a high of $78.40 per barrel in midday trading on the New York Mercantile Exchange before settling back down closer to the $76 mark.
The Associated Press reported that concerns over possible supply disruptions because of increasing violence in the
caused the price to spike.
is a major oil suppliers, The AP reported that the fear is that the conflict could spread to the rest of the region and affect supplies.
Fears over the standoff with
, continuing strife in
and the threat of hurricanes to the
oil supply were also mitigating factors.