Crude oil prices have surged to near $144 a barrel as oil-producing nations and the world's largest oil firms meet in Madrid to discuss soaring prices.
General concerns over global supplies and escalating rhetoric between Iran and Israel have pushed prices to fresh highs in recent days.
An emergency summit held in Jeddah earlier this month has done little to take the heat out of the market.
US light, sweet crude rose as much as $3.46 to $143.67 in European trade.
This was ahead of the $142.99 all-time high reached on Friday.
In London, Brent crude climbed as high as $143.81 a barrel, and was later trading up $3.44 at $143.75 a barrel.
'No bubble'
Many leading oil producers take a different view.
"This is not a speculative bubble," BP chief executive Tony Hayward told the meeting.
Alluding to differences of opinion among Opec members about how much oil to pump and what should be a reasonable price for oil, Mr Hayward said the industry's "problems are above ground not below it".
Experts added that the meeting must address where long-term growth in energy supply should come from and the environmental costs involved.
"Increasing population growth, energy intensity and globalization has led to a phenomenal rise in the use of energy," said Randy Gossen, president of the World Petroleum Council. "The challenge for our industry is to ensure continuous, affordable and reliable energy supply in a sustainable, transparent and ethical, environmentally sound manner."
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