World oil price jumped this week to the highest levels since 2008, driven by Middle East supply fears and a weak dollar, while safe-haven gold hit a record as Portugal sought an EU bailout.

Other stand-out performances included tin, which enjoyed an all-time high on the back of stretched global supplies, and silver which scored another 31-year peak.

Strong support came from the struggling greenback, which makes dollar-priced commodities cheaper for buyers using stronger currencies. That tends to increase demand and prices.

OIL: Prices jumped on Friday to their highest levels in more than two years as the market was driven by simmering tensions in the Arab world, particularly in Libya, and concerns over elections in Nigeria.

Brent North Sea crude for delivery in May hit US$124.84, the highest price since early August 2008.

New York’s main contract, light sweet crude for delivery in May, soared to US$111.90 — a level last seen in September of the same year.

The market rose sharply this week on the back of violent unrest in Libya, popular unrest in the wider Middle East, and as the dollar has weakened against the euro.

“Another day and another upside move on oil,” PVM Oil Associates analyst David Hufton said.

“All eyes are focused on Libya and the news for those looking for a quick resumption of supplies and lower oil prices is not good,” Hufton said. “Libyan leader Muammar Qaddafi’s troops have destroyed the infrastructure of the only oil fields under the control of his opponents, cutting off their only source of finance.”

Added to the mix, fresh data showed on Thursday that US initial jobless claims tumbled 3 percent last week, reinforcing signs the troubled labor market is on the mend in the US, the world’s biggest oil consumer.

PRECIOUS METALS: Gold soared on Friday to a record high above US$1,470 per ounce and silver topped US$40 as investors sought safety amid fears over the weak dollar, high inflation, Middle East unrest and eurozone debt.

The glamorous commodity hit US$1,474.98 an ounce on Friday, extending this week’s blistering record run. At the same time, sister metal silver struck a 31-year high at US$40.46 an ounce.

“Precious metal prices are currently being driven by the weak US dollar and inflation risks, partly because of high oil prices,” Commerzbank analysts wrote in a research note to clients.

By late Friday on the London Bullion Market, gold rallied to US$1,469.50 an ounce from US$1,418 a week earlier.

Silver soared to US$40.22 an ounce from US$37.63.

On the London Platinum and Palladium Market, platinum rose to US$1,803 an ounce from US$1,773.

Palladium climbed to US$798 an ounce from US$772.

BASE METALS: Tin prices hit a record high at US$33,000 per tonne on Friday, propelled by concerns over a weak dollar, stretched global supplies and keen Chinese demand.

China is the world’s biggest producer of the industrial metal and also consumes vast amounts, while Indonesia is the largest tin exporting nation.

By late Friday on the London Metal Exchange (LME), copper for delivery in three months rallied to US$9,896 a tonne from US$9,306 a week earlier.

Three-month aluminum rose to US$2,712 a tonne from US$2,610.

Three-month tin soared to US$33,100 a tonne from US$31,400.

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