June 30 (Bloomberg) -- Crude oil rose to a record above $143 a barrel on speculation the dispute over Iran's nuclear program may disrupt supply from OPEC's second-largest producer.
Pressure on Iran to end its uranium enrichment program and the falling value of the U.S. dollar may drive prices to $170 a barrel, OPEC President Chakib Khelil said on June 28. Oil is headed for its biggest six-month gain since 1999 as investors shun equities for commodities, looking for a hedge against a weaker dollar and quickening inflation.
``It is a risk Iran will take any measures to cut flows through that important region and the market is reacting to that,'' said Andy Sommer an analyst with HSH Nordbank in Hamburg. ``There are some funds flowing from the equities side to commodities.''
Crude oil for August delivery rose as much as $3.46, or 2.5 percent, to $143.67 a barrel in electronic trading on the New York Mercantile Exchange. It was at $141.95 a barrel at 1:24 p.m. in London.
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