Oil prices soared to a new record above $75 a barrel on Wednesday, propelled by a rally in gasoline and geopolitical tensions, the Associated Press reports.

A glitch at a Texas refinery on Monday and recent shipping problems along the Gulf Coast following an oil spill have heightened the market’s concern about motor-fuel supplies at a time when demand continues to rise in spite of rising prices. The start of a new fiscal quarter also brought more speculative money into the market, brokers said.

Light sweet crude for August delivery briefly surged to $75.40 a barrel on the New York Mercantile Exchange before easing back to $75.20, an increase of $1.27. Gasoline futures jumped by more than 6 cents to $2.284 a gallon. The last time front-month oil futures settled above $75 was on April 21. The previous intraday high, also set April 21, was $75.35.

Oil prices are now roughly 26 percent higher than a year ago, but still below all-time inflation-adjusted highs of around $90.

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