Another Day, Another Record for Oil

July 14, 2006 — -- As most of the world expected, continued conflict in the Middle East has ignited a buying spree in the energy markets. The price of a barrel of crude oil hit its all-time nominal high of $77.03 at the day's close, up 33 cents. Crude also hit an intraday high of $77.95.

During a week marked by a shooting war in Israel and Lebanon, continued strife over Iran's nuclear ambitions and rebel attacks on Nigerian oil pipelines, the global price of crude spiked 4 percent.

Experts say consumers will almost immediately see an impact on what they pay at the pump, with gas prices possibly hitting a new record high (above $3.07 a gallon) as early as next week. We'll have new official numbers from the government on Monday at around 4 p.m. ET.

The heat in the energy sector has affected global stock markets; as oil prices soared, the markets took a hit. In the United States, the Dow Jones industrial index has lost about 3.2 percent of its value during the week. The broader S&P 500 index fared a little better, giving back 2.4 percent of its value during the week.