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Oil prices leapfrogged to record highs above $135 on May 22 on runaway fears about strained energy supplies and fervent demand, analysts said.

Brent North Sea oil struck $135.13 a barrel and New York light sweet crude hit an all-time peak of $135.09.

Analysts said the jump reflected a shift in market psychology rather than a change in the fundamentals of supply and demand, and noted that many investors were reaping hefty returns.

OPEC chief Abdala El-Badri has said the oil cartel is unhappy with the surging prices, which he blamed on speculators and a weak US dollar.