By Leftlane Staff
Wednesday, Jul 5th, 2006 @ 2:34 pm

U.S. crude jumped to $75.40 a barrel today, eclipsing the old trading high of $75.35 set on April 21, also from jitters about Iran, the world’s fourth-largest crude exporter. “From the oil market’s perspective, the intensity of the confrontation has not changed,” said Michael Wittner of Calyon investment bank, referring to the standoff with Iran. “We’re not closer to a resolution of the crisis, but it hasn’t escalated. We’re trapped in no-man’s land.” U.S. unleaded gasoline prices rose nearly 7 cents to average $2.93 a gallon last week, just below the record of $3.056, the Energy Information Administration said on Monday.

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