Postponed Iran talks take crude prices higher

August contracts for West Texas Intermediate crude oil reached a new record high on Wednesday afternoon on the New York Mercantile exchange when it reached $75.40 per barrel on the first day back for traders after the Independence Day holiday.  The previous record of $75.35 per barrel was reached on April 24.  The rise in prices came after it was announced that scheduled talks between Iran and the European Union over Iran’s nuclear program have been postponed.

Meanwhile, on the International Petroleum Exchange in London, Brent crude for August delivery added $1.58 to $74.09 per barrel.