Oil Prices Crack $117 on Oil Tanker Attack

Bangkok, Thailand, April 21, 2008–Oil prices spiked to a record of $117.40 a barrel Monday after a Japanese oil tanker was attacked off the east coast of Yemen.

The 150,000-ton tanker Takayama was attacked while it was heading for Saudi Arabia.

Light, sweet crude for May delivery fell back quickly after pushing to $117.40 a barrel. Later it fell back to $117.02 a barrel, up 33 cents from the close at the end of last week.

Meanwhile, gas prices have hit another record, according to the auto club AAA.