Crude Prices Bolt Past $86

Updated from 10:52 a.m. EDT

Oil futures hit a record high Monday in New York as fears of fighting between Turkey and Iraqi Kurds combined with speculative buying and continued tight supplies to lift prices.

November light sweet crude rose $2.44 to $86.13 a barrel, the first time oil has been above $86. Reformulated gasoline futures were also stronger, gaining 7 cents to $2.16 a gallon. Heating oil rose 6 cents to $2.31 a gallon, and natural gas jumped 47 cents to $7.45 per million British thermal units.

Among energy stocks, Chevron (CVX Quote), Exxon Mobil (XOM Quote), ConocoPhillips (COP Quote) and BP (BP Quote) all posted gains.

The Dow Jones U.S. Oil & Gas Index, which tracks companies in the sector, advanced 1%.