•NYMEX WTI and ICE Brent crude futures both traded at fresh record highs during European mid-morning trading Friday, buoyed by the US' tightening of sanctions against Iran, with brokers saying there now seems to be little to stop prices breaching $100/b. The latest climb came after US President George W. Bush said the US was imposing new sanctions on Iran to punish the country's nuclear ambitions and alleged sponsorship of terrorism. "Iran-US sanctions... that was the trigger yesterday," a London-based broker said. "If you look at the sanctions in detail, though, they won't affect exports of crude. But all those words in one sentence is bullish."

•Technically, there are no resistance levels to breach after NYMEX WTI settled above $90/b on Thursday, making the next obvious marker $100/b. "We thought $90 would be the lid but it has now exceeded that and where does it stop? It is above all resistance levels now. $100? It's anyone's game," said one broker.

Updated: October 26, 2007