New York, May 05: World oil prices soared yesterday to 1990 highs and gasoline broke a new record after bloodshed at the weekend in oil kingpin Saudi Arabia jolted already-fragile market nerves. New York's benchmark contract, light sweet crude for delivery in June, surged 77 cents to 38.98 dollars a barrel, the highest since October 12, 1990 in the runup to the Gulf War.

Brent North Sea crude for June leapt 1.45 dollars to 35.93 dollars a barrel, also the highest since October 1990. Gunmen attacked a Saudi oil facility at the industrial port of Yanbu on the Red Sea on Saturday, killing five staff at European engineering group ABB, plus one member of the Saudi national guard. The four attackers also died.

The US ambassador to Saudi Arabia, James Oberwetter, called Monday on American citizens to leave Yanbu.

Gasoline prices roared higher on market fears that refiners will struggle to meet demand for fuel in the summer "driving season" when roads are busiest in the United States. The price of a gallon of regular unleaded gasoline for delivery in June leapt 4.38 cents to a record 1.3058 dollars.

Bureau Report