After a two day slide in the price of crude oil that took the per barrel value down $5, oil opened $2 higher on Wednesday, July 9.

The climb came in response to the test firing of nine missiles by Iran, a move that generated fears of potential disruption of global supplies.

In late afternoon trading in Singapore, U.S. crude scheduled for delivery in August gained $1.74 to $137.78 per barrel in electronic trading on the New York Mercantile exchange. In Tuesday, floor trading at taken the levels to $136.04.

The trading record for oil was reached on Thursday, July 3 at $145.85 before settling at $145.29. Pundits are in agreement that the bull prices commanded by oil have not reached their limit and many suggest a level of $175 before the end of the year.

Gasoline prices remained steady according to figures published by AAA standing at a record high of $4.108 a gallon, an increase of 38.5% over the last year.

The highest gasoline in the United States was selling in Alaska at $4.615 followed by California at $4.552 and Hawaii at $4.456. South Carolinians enjoyed the least expensive fuel at $3.930.

Diesel prices did, however, rise overnight taking the national average per gallon price to $4.813, a level driving prices up across the board due to the increased cost of shipping. Over the past year diesel has jumped 65%.