LONDON (AFP) - The price of oil climbed back towards 114 dollars on Friday on news that Turkish planes had bombed Kurdish rebel hideouts in oil-rich Iraq overnight, analysts said. Prices were surging at the end of a volatile week in which crude struck a record high of almost 120 dollars before sliding on profit-taking. On Friday, New York's main oil futures contract, light sweet crude for June delivery, rallied 1.30 dollars to 113.82 dollars per barrel. New York crude had struck a record high 119.93 dollars on Monday. London's Brent North Sea crude for June jumped by 1.61 dollars per barrel to 112.11 dollars on Friday. The contract had hit an all-time peak of 117.56 per barrel on April 25. Oil futures advanced Friday "as news broke that Turkey has launched air strikes in north Iraq," said Sucden analyst Michael Davies. The Turkish military confirmed Friday that its warplanes bombed Kurdish rebel targets in northern Iraq overnight, in the latest air strike in the region since December. Unrest in oil-producing countries such as Iraq, Iran and Nigeria has been a major support for crude prices in recent months. The past week, meanwhile, has been a roller-coaster ride. On Thursday, prices slipped to 111 dollars after a strike ended in key crude producer Nigeria and as the US currency continued to strengthen. The dollar fell to a record low of 1.6019 to the euro on April 22 but has since recovered, changing hands at around 1.55 dollars on Friday. A stronger US unit makes dollar-priced crude more expensive for foreign buyers and thus tends to dampen demand. Oil prices began falling sharply on Tuesday as a strike ended at the Grangemouth refinery in Scotland. The stoppage had closed a pipeline that supplies 40 percent of Britain's oil and gas. Prices continued to tumble Wednesday after the US Department of Energy said that US crude reserves had risen sharply last week. The record run in oil prices in late April sparked widespread international concern among consumer nations. Kuwaiti Oil Minister Mohammad al-Olaim said Wednesday that OPEC may hold an extraordinary meeting on oil prices before a scheduled conference in September and did not appear to rule out higher production. However, Libya's acting oil minister Chukri Ghanem indicated that the Organization of Petroleum Exporting Countries cannot pump more crude oil.