Energy Sector Roundup: Unprecedented oil surge

Oil Rushes to Historic High

Oil prices shot up more than $10 to a new record above $139 after a major investment bank predicted a spike to $150 in the coming weeks and rising tensions in the Middle East left investors uneasy about supply.

The meteoric surge built on a price jump Thursday and capped oil's biggest two-day gain in the history of the New York Mercantile Exchange.

Light, sweet crude for July delivery jumped as high as $139.12 on the Nymex, before easing slightly to settle at $138.54, up $10.75. Prices hit a previous record of $135.09 a barrel on May 22, and settled Thursday at $127.79.

In other Nymex trading, heating oil futures rose 29.32 cents to settle at $3.940 a gallon, while gasoline prices rose 21.35 cents to settle at $3.5480 a gallon.

Natural gas gained 17.4 cents to settle at $12.693 per 1,000 cubic feet.

Senate Sets Aside Climate Bill

Senate Republicans blocked a global warming bill that would have required major reductions in greenhouse gases.

Democratic leaders fell a dozen votes short of getting the 60 needed to end a Republican filibuster on the measure and bring the bill up for a vote, prompting Majority Leader Harry Reid to pull the legislation from consideration.