Oil, Gasoline, Climb to Records on Concern About Attack on Iran

Crude oil rose more than $5 a barrel to a record and gasoline jumped to an all-time high on concern that Israel may be preparing to attack Iran, while plans for a strike in Brazil threaten to curtail supplies.

Oil jumped as high as $147.27 a barrel in New York after the Jerusalem Post said Israeli war planes practiced over Iraq. Israeli government spokesman Mark Regev denied the report. A Brazilian oil workers union is planning a five-day strike. Prices have jumped more than $10 a barrel since July 9.

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``You have the potential of more loss of oil from Nigeria, and Nigerian oil is the true gold,'' said Gordon Elliott, risk management specialist at FC Stone LLC, in St. Louis Park, Minnesota.

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``All of the talk of a bubble bursting and the end of the commodity run-up was based on false hopes,'' Bentz said.