Oil prices climbed above $66 a barrel today to set a fifth record high in as many days.
US light sweet crude for September delivery charged to an all-time high of $66.11 a barrel, before pausing at $66.00 early this morning, up 20 cents.
London Brent crude also set another record at $65.78 a barrel, up 40 cents.
Record-high pump prices appear to have had little impact on demand, however, which is up an average 1.4 per cent over the last four weeks, the data showed, helping send US September gasoline contract to a record-high $1.9630 a gallon today.
Further support came from the Paris-based International Energy Agency, which cut its estimate of non-Opec supply growth.
Non-Opec nations are failing to deliver as much oil as expected this year, leaving an already stretched Opec to fill the supply void, it said in a report yesterday.
The dispute over Iranian nuclear programme also underpinned prices as dealers feared the potential impact on supplies from Opec's second-biggest producer if the United Nations Security Council were to impose sanctions.
The European Union will push for Iran to be referred to the UN Security Council for punitive action if Tehran fails to comply with a resolution from the board of governors of the International Atomic Energy Agency demanding it suspend all nuclear activities, EU diplomats said.