Tension in the Middle East and supply concerns push the price of crude to a record trading high.
Crude oil prices spiked above $92 a barrel Friday on tensions in the Middle East and renewed concerns about supply.
The United States announced new sanctions against Iran on Thursday, targeting the elite Revolutionary Guards, which Washington accuses of backing Shiite militants in Iraq. A confrontation between the world's largest oil consumer and its fourth-largest oil producer could upend markets.
Parallel to fears of a broader conflict in the Middle East were new oil supply concerns.
Light, sweet crude for December delivery rose 88 cents to $91.34 a barrel in electronic trade on the New York Mercantile Exchange by early afternoon in Europe. It briefly rose to a new trading record of $92.22 during Asian trading.
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