Oil hits new record high

Tensions over Iran, worries about North Korea, send crude soaring.

LONDON (Reuters) — Oil jumped to a record high Wednesday after talks between OPEC producer Iran and the European Union on incentives to end a stand-off over Tehran’s nuclear work were suddenly postponed.

U.S. crude jumped $1.47 to $75.40 a barrel, eclipsing the oil trading high of $75.35 set in April, also from jitters about Iran, the world’s fourth-largest crude exporter.

Oil markets were closed Monday and Tuesday for the Independence Day holiday.

Oil also rose as geopolitical tension heightened after North Korea, labeled by President Bush as part of an “axis of evil,” launched a series of missiles into the Japan Sea.

Reuters