Oil prices climbed on Friday amid reports it could touch USD 150 by the coming month (July 2008) due to increasing demand and political pressure.

The recent increase in oil prices came as worries of a new West Asia clash were fanned by remarks from a top Israeli bureaucrat about Iran.

The spike in oil prices coincided with a dollar slump, plummeting share prices on Wall Street and US unemployment suffering its biggest rise in 20 years.

Energy representatives from the world’s largest consuming nations are assembling in Japan to talk about fuel prices.

Light, sweet crude for next month (July) delivery increased USD 10.75 to settle at record of USD 138.54 per barrel on the New York Mercantile Exchange (NYMEX).

Gasoline prices jumped 21.35 cents to settle at USD 3.548 per gallon. The retail price of a gallon of regular gas stood at USD 3.99.

At the NYMEX, heating oil futures soared 29.32 cents to settle at USD 3.974 per gallon.

In London, Brent crude deliver for July shot up USD 10.15 to settle at USD 137.69 per barrel on the ICE Futures exchange.

Natural gas futures rose 17.4 cents to settle at USD 12.693 per 1,000 cubic feet.