Crisis sends oil prices soaring

Thursday 12 October 2000 00:00 BST

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The Middle East crisis has sent oil prices soaring towards a 10-year high.

Prices fell three weeks ago after protests world-wide, including those in Britain.

But fighting between Isaelis and Palestinians - including helicopter attacks on Yasser Arafat's headquarters - saw the price rise to $37 a barrel. It reached $37.80 last month.

"In an already nervous market, this is all we didn't need," said Al Goldman, an analyst with AG Edwards and Sons Inc in St Louis.

"A terrorist attack, increased hostilities in the Middle East and a spike in oil prices - shake it all up and you get blind dumping of stocks."

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