The price of crude oil hit a new record high above $122 a barrel in Tuesday's New York trading.
Prices rose more than $2 to go as high as $122.73 a barrel.
Prices have soared on concerns that supplies might not meet growing demand after recent militant attacks on Nigeria's oil facilities hampered exports from the world's eighth largest oil exporter.
Tensions in Iraq and between Western nations and Iran reinforced supply worries.
The price of oil has nearly doubled over the past year.
Some information for this report was provided by AFP, AP, Bloomberg and Reuters.