Oil prices continue to soar

Oil prices have smashed through record highs 75-dollars a barrel. This follows continued fears of supply disruptions in Iran and Nigeria and reports of gas shortages in the United States. According to CNN US East Coast oil for June delivery has set a new trading high of 75-dollars-35 before easing to settle at 75-17 a barrel on the New York Mercantile Exchange - also a new closing record. One trader says the soaring prices can start eating into demand, and certain predictions do not help - like one by Venezuela's President Hugo Chavez that oil could spike to 100-dollar a barrel if the US attacks Iran.