Crude oil for May delivery rose to a record $117.76 a barrel Monday on the New York Mercantile Exchange before settling at $117.48, up 79 cents from Friday's close.
Nationally, retail gas prices jumped more than a nickel over the weekend to an average of $3.50 a gallon, and are up 23 percent from a year earlier.
In Tulsa, the common price of gasoline rose a dime Saturday to a local record of $3.29. By Monday afternoon, that price still was holding, although a few retailers were observed charging $3.39.
Crude oil prices increased Monday after an attack on a Japanese oil tanker in the Middle East.
Many analysts expect fuel prices to keep climbing as they trace the path of crude, which has surged to new records for six trading sessions in a row.
Oil prices are rising along with a host of commodities, from corn and wheat to gold and platinum, that are enticing speculators seeking hedges against a weakening dollar.
Nationally, retail gas prices jumped more than a nickel over the weekend to an average of $3.50 a gallon, and are up 23 percent from a year earlier.
In Tulsa, the common price of gasoline rose a dime Saturday to a local record of $3.29. By Monday afternoon, that price still was holding, although a few retailers were observed charging $3.39.
Crude oil prices increased Monday after an attack on a Japanese oil tanker in the Middle East.
Many analysts expect fuel prices to keep climbing as they trace the path of crude, which has surged to new records for six trading sessions in a row.
Oil prices are rising along with a host of commodities, from corn and wheat to gold and platinum, that are enticing speculators seeking hedges against a weakening dollar.
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