Oil prices hit new high of $75.89 a barrel

This is nothing compared to what's coming.

Oil prices hit new high of $75.89 a barrel - Yahoo! News:

LONDON - Oil prices hit a new intraday high near $76 a barrel Thursday in a market agitated by escalating violence in the Middle East and news of explosions on Nigerian pipelines.

Israeli warplanes struck the runways of Beirut's international airport as part of a campaign against Hezbollah, which attacked Israeli border positions Wednesday and captured two soldiers.

Adding to market tensions was news that Iran, OPEC's No. 2 supplier, was referred back to the U.N. Security Council Wednesday after nuclear talks failed to yield agreements.

'Geopolitics, the markets, Iran and Iraq and Lebanon, all that turmoil is in the front of people's minds and the tensions in the region gets the most attention,' said Kevin Norrish, energy analyst for Barclays Capital in London.