LONDON, July 9 (KUNA) -- Crude oil prices have risen on news that Iran successfully test-fired long and medium-range missiles.
In London, Britain's North Sea benchmark Brent crude rose early Wednesday by over a dollar to USD 137.45 per barrel (pb), while US light, sweet crude rose by 92 cents to USD 136.92 pb.
The US dollar also dipped after the tests fuelled worries about geopolitical tensions, analysts said.
Iran's state media reported that nine missiles were tested, including one Tehran has said could reach Israel.
Crude prices are still below the record price of almost USD 147 pb set in London last week.
Oil prices had fallen sharply yesterday on the assumption that a global economic slowdown would lower demand for oil.
News of the missile tests pushed the dollar down against the Swiss franc, which is regarded as a haven currency by many investors.
The US currency fell 0.5 percent to 1.0282 Swiss francs.
The missile tests occurred at a time of increased tension over Tehran's disputed nuclear programme, the analysts added.
Copyright Kuwait News Agency 2008.
