Crude Retreats After Surge to Record - TheStreet

Crude oil futures soared to a record intraday high over $147 for the first time Friday, amid escalating tensions between the West, Iran and Nigeria.

Iran on Thursday tested another missile launch, as the U.S. warned it would defend allies in the region like Israel. Meanwhile, a Nigeria militant group pledged to step up attacks in an oil-rich area after the U.K. said it would aid the government.

Light, sweet crude for August delivery touched a high of $147.27 in trading on the New York Mercantile Exchange, but more recently was up $2.29 to $143.94. Brent crude was up $1.85 to $143.88.

Home heating oil was up 4 cents to $4.08., while reformulated gasoline was up 4 cents to $3.55. Nature gas was down 21 cents to $12.10.

The dollar also was falling 0.7% against the euro to $1.59.

The

U.S. Oil ETF

(USO) - Get Report

was rising 2.1% to $116.75.

This article was written by a staff member of TheStreet.com.