Oil surged past $145 per barrel for the first time Thursday as the weak US dollar and Middle East tension stoked crude's record-breaking run, analysts said.

Brent North Sea crude for August delivery hit $145.11 in early Asian trade, before easing back to $144.90. It had settled at a record $144.26 in London on Wednesday after breaking $144 dollars for the first time.

New York's benchmark contract, light sweet crude for August delivery, hit an intra-day record price of $144.44. By late morning the contract was 70 cents higher at $144.27 against a record close of $143.57 in the US on Wednesday. ... Read full article