World must work to avert crisis as oil soars

Record surges in crude prices have propelled the world into an era in which oil may never be cheap again and energy security will become the foremost concern of governments everywhere, the G8 heard yesterday.

With oil hovering just below $140 a barrel, an unprecedented gathering of the world


As the meeting came to close, in Tehran a big supplier said that prices would move higher yet. Mohammad Ali Khatabi, Iran