World oil prices skyrocketted to record highs on Friday, touching as much as $45 per barrel in Asia and wreaking havoc on the stock markets across the globe.
World markets were stunned by a double whammy: Russia's refusal to provide earlier promised financial help to oil giant Yukos and a major at huge American refinery which will hurt supplies further at a time when global demand is rising rapidly saw oil prices shoot up the world over.
Yukos is Russia's biggest exporter of crude.
In New York, oil prices touched $44.73 a barrel, the highest in the 21-year history of crude futures on the New York Mercantile Exchange.
In London, crude oil prices soared to $41.35 a barrel, the highest ever since 1988.
The Organisation of Petroleum Exporting Countries (OPEC) said it is on standby to increase oil supplies by up to 1.5 million barrels per day to ease concerns that have sent prices to record highs. However, no decision will be taken until September.
A general view of the opening session of the extraordinary OPEC ministerial meeting in Beirut. Photo: Haitham Mussawi / AFP / Getty Images
© 2025