Oil hits record $72 on Iran fears

By Janet McBride
24 minutes ago

Oil hit a record $72.20 a barrel on Tuesday as Iran defied world pressure to halt its nuclear programme, raising new fears of a cut in supplies from the world's fourth biggest crude exporter.

In London, North Sea Brent crude oil jumped 74 cents to set the new all-time high as Iran and the West exchanged increasingly sharp words over the Islamic Republic's determination to push ahead with uranium enrichment.

U.S. crude oil climbed to $70.88, smashing through its previous record of $70.85.