Oil Tops $71 a Barrel; Sets Second Record in Two Days

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rude oil futures hit a new record closing price Tuesday of $71.35 a barrel on the New York Mercantile Exchange, Bloomberg reported.

The price was up 95 cents from Monday's $70.40, which was the first time oil had closed at more than $70 a barrel. The previous closing record was $69.81, set Aug. 30 following Hurricane Katrina. (Click here for previous coverage.)

Oil touched $71.60 a barrel in intraday trading, the highest since futures began trading in 1983. Oil prices are 42% higher than this time last year, Bloomberg reported.

Traders attributed the price gain to continuing concern over Iran’s nuclear program potentially leading to a cutoff of exports, which potentially could lead to a 2 million barrel a day loss, Bloomberg said.

OPEC, meanwhile, said in a report issued Tuesday that oil consumption will rise 1.7% this year, Bloomberg reported.

Diesel and gasoline retail average prices both jumped by double-digits Monday, with diesel rising 11.1 cents to $2.765 a gallon and gasoline bumping up a dime to $2.783. (Click here for story.)