Oil held near record-highs above $75 a barrel yesterday, supported by fears over Iran’s nuclear program and expectations of a drop in US gasoline stockpiles as the summer season gets into gear. US crude for August gained 4 cents to $75.23 a barrel by 07.28 GMT, close to Wednesday’s all-time peak of $75.40 that was just past its previous peak in April. London Brent crude rose 19 cents to $74.17 a barrel.

Oil prices embarked on a sustained rally two weeks ago, climbing more than $6 on geopolitical concerns, a shipping disruption for US refiners and signs that high pump prices have not deterred drivers in the world’s largest energy guzzler. US government data provided the next clues on the health of demand in the United States, whose gasoline consumption accounts for over a tenth of world oil use.The data are expected to show a 1.1 million-barrel decline in gasoline stockpiles and a 1.9 million-barrel draw on crude inventories for the week to June 30, a Reuters poll found. Distillate stocks were seen up 1.1 million barrels. “The focus is all on the US gasoline inventory data. If the data shows a drastic draw, prices could jump,” said Tetsu Emori, chief strategist at Mitsui Bussan Futures Ltd. in Tokyo.