Petrol to hit £1 a litre within weeks as oil supply strains show·


Nigerian strike and Iran worries add to pressure· Concern over US stocks as demand nears peak Larry Elliott, economics editorFriday May 25, 2007The Guardian
Petrol prices were on course last night to break the pound-a-litre barrier after the cost of crude oil on global markets rose to its highest level this year.
With the US navy putting on a show of strength off the Iranian coast and oil workers in Nigeria launching an indefinite strike, a barrel of Brent crude was trading for almost $72 last night - up more than a dollar on the day and within six dollars of last summer's record $78.40.