Oil prices surged nearly two dollars on Wednesday after a U.S. government report rekindled fears that resilient demand from summer drivers and a spate of refinery outages could trigger a gasoline supply crunch.
The gains came against the backdrop of rising tensions in the Middle East after the United States temporarily closed its diplomatic missions in Saudi Arabia this week due to the threat of attacks by militants.
U.S. light sweet crude futures soared $1.93 to hit $65.00 a barrel, the highest on record, before settling at $64.90. London Brent jumped $2.08 to new peak of $64.06 a barrel, before settling at $63.99.
One big hurricane and those prices will be at $70+!
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