New York., May 06: Oil prices hit a new 13-year high on Wednesday and analysts say they expect prices to stay high due to escalating tensions in the Middle East and tight gasoline supplies in the U.S. A deadly weekend attack on a petrochemical plant in Saudi Arabia, the world's largest oil producing nation, is putting a bounce in the step of oil traders. "I take these terrorism incidents quite seriously, especially in Saudi Arabia," said Raymond Carbone, president of Paramount Options. " And, there could be a time when all Iraqi oil is off the market if the situation degenerates further in the south of Iraq. So I am overall bullish, at least for the near term." Crude oil prices topped $39 a barrel for the second day running aided by the price of gasoline futures, which continue to defy gravity by carving out new highs virtually every day.

Bureau Report