Oil hits new record at $143 sparked by Mideast tensions

London: Oil hit a new record at $143 a barrel on Monday, sparked by heightened tensions between Israel and Iran.

The more than $3 increase came as the US dollar fell to a three week low versus the euro.

US light crude was up $3.33 at $143.54 a barrel by 1040 GMT, after a record high of $143.67 a barrel.

London Brent crude was up $3.50 to $143.81.

Analysts say the diminishing dollar and geopolitical tensions have pushed prices higher.

Earlier on Monday, Iran said it would restrict shipping in key trade routes if it were attacked.

Oil prices have jumped more than 40 per cent this year.