Oil prices have hit record highs on the back of concerns about global oil supplies and tensions on Iran's recent missile tests.

Oil prices jumped by USD 5 to hit an all-time high of USD 147 a barrel on Friday, Reuters reported.

US crude dipped to USD 145.08 a barrel after rising to highs of USD 147.27 earlier in the day and added to gains of USD 5.60 from Thursday. London Brent crude increased by USD 2.46 and settled at USD 144.49 a barrel.

Recent missile tests in Iran, against a backdrop of Israeli threats against the country, has left the oil markets worried about the prospects of oil supplies from the world's number 4 oil exporter.

The situation in Nigeria and Brazil has also fueled worries about supplies.

The most active militant group in Nigeria has declared that it is abandoning a cease-fire and workers at Brazil's Petrobras plan to launch a five-day strike on Monday.

Oil prices have increased seven-fold since 2002 and jumped 50 percent this year alone. Iran versus US and Israeli inspired tensions and global speculative dealings in oil futures are cited as prime reasons for the price spikes.

© Press TV