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Iranian Missile Tests Trigger Oil Price Hike

World oil prices rose Wednesday after Iran test-fired some missiles.

Investors assumed the tests indicate continued tensions between Iran, a major oil producer, and Israel and the United States, which might disrupt oil supplies at a time of strong demand and tight inventories.

The price of oil for future delivery rose more than two dollars to go as high as $138.28 a barrel in New York trading.

Earlier, U.S. government energy experts said members of the Organization of Petroleum Exporting Countries will have net export revenues of $1.2 trillion this year, nearly double the gain from 2007.

The increase is driven by record-high oil prices which hit an all time high of $145.85 a barrel on July 3.

The average retail price of gasoline in the United States remains at a record high of just over $1.08 a liter ( $4.11 a gallon).

Some information for this report was provided by AFP, AP and Reuters.