LONDON  - Oil prices zoomed to a record 147.50 dollars this week and aluminium hit all time highs as many commodities were boosted by supply worries, growing tensions over Iran and the weak US currency. "Commodity prices swung higher ... as increased tensions between Iran and the West triggered fresh safe-haven demand for oil and metals," said James Moore, analyst at TheBullionDesk.com. "Dollar weakness also provided upside momentum," he said. The struggling dollar boosts demand for dollar-priced raw materials which become cheaper for buyers using stronger currencies. OIL: Oil prices rocketed above 147 dollars on Friday as traders seized on tensions over Iran and Nigeria at the end of a very volatile trading week. London's Brent North Sea oil jumped to as high as 147.50 dollars per barrel to beat the previous record of 146.69 dollars set on July 3. New York crude also topped 147 dollars for the first time to reach a historic 147.27 dollars. "Prices soared to record highs on mounting geopolitical tensions in Nigeria and Iran, while supply threats in Brazil add to supply woes," said Barclays Capital analysts. Workers for Brazil's state-run oil giant Petrobras were set to start a five-day strike on Monday. The main union covering Petrobras workers in the key Campos off-shore area in southeastern Brazil confirmed to AFP Friday that the near-total stoppage would occur. Prices also swept back into record territory on Friday after the European single currency briefly leapt above 1.59 dollars. "As ever, the market remains very sensitive to any potential supply disruptions and geopolitical tensions," said Sucden analyst Andrey Kryuchenkov. Oil rallied by almost six dollars on Thursday on the back of simmering geopolitical tensions over key producer Iran and worries over stretched global crude supplies, traders said. Prices had dived below 140 dollars on Monday as a result of a then strengthening US currency, underlining the extreme volatility that the market is currently experiencing. On Friday, traders continued to track Iran, which is OPEC's second-biggest crude oil producer with output of about 4.0 million barrels per day. PRECIOUS METALS: Gold rallied on the back of growing inflationary pressures, record high oil prices and turmoil on global equity markets. "Further weakness in the dollar, heightening inflationary concerns on the back of buoyant oil prices as well as safe-haven buying boosted by concerns over the broader economy and geopolitical tensions saw (gold) prices regain upward momentum," said Barclays Capital analysts. On the London Bullion Market, gold advanced to 962.75 dollars per ounce at Friday's late fixing from 931.25 dollars a week earlier. Silver rose to 18.38 dollars per ounce from 18.01 dollars. On the London Platinum and Palladium Market, platinum firmed to 2,030 dollars per ounce at the late fixing on Friday from 2,012 dollars a week earlier. Palladium eased to 454 dollars per ounce from 456 dollars. BASE METALS: Star performer aluminum hit a record while copper beat a retreat from its all-time high hit the previous week. Aluminium hit a historic 3,380 dollars per tonne on Thursday after Chinese moves to cut production, analysts said. That eclipsed the old record of 3,255 dollars that was set on March 6. "Aluminium has hit a record high ... following an announcement that China's top 20 aluminium smelters are to cut production by 5-10 percent from this month," Barclays Capital analysts said. "Tight power supplies and high energy prices ... constrain output growth across the globe and particularly in China." They said this was "the catalyst for a tighter market and much higher prices." By Friday, copper for delivery in three months fell to 8,365 dollars per tonne on the London Metal Exchange from 8,640 dollars a week earlier. Three-month aluminium jumped to 3,380 dollars per tonne from 3,100 dollars. Three-month lead rose to 2,025 dollars per tonne from 1,555 dollars. Three-month zinc gained to 2,050 dollars per tonne from 1,757 dollars. Three-month tin climbed to 23,201 dollars per tonne from 22,475 dollars. Three-month nickel advanced to 21,900 dollars per tonne from 20,275 dollars. COCOA: Cocoa prices were lower on profit-taking after reaching multi-year highs the previous week on concerns over tight supplies in exporter Ivory Coast. By Friday on LIFFE, London's futures exchange, the price of cocoa for September delivery had dropped to 1,550 pounds per tonne from 1,609 pounds a week earlier. On the New York Board of Trade (NYBOT), the September cocoa contract fell to 2,926 dollars per tonne from 3,136 dollars. COFFEE: Coffee prices weakened on the prospect of abundant supplies in key producer Brazil, traders said. By Friday on LIFFE, Robusta for September delivery fell to 2,361 dollars per tonne from 2,480 dollars a week earlier. On the NYBOT, Arabica for September delivery slid to 142.62 US cents per pound from 151.90 cents. SUGAR: Sugar prices drifted lower in quiet trading conditions. By Friday on LIFFE, the price per tonne of white sugar for October delivery dipped to 390.50 pounds from 393 pounds the previous week. On NYBOT, the price of unrefined sugar for October delivery declined to 13.80 US cents per pound from 13.91 cents. RUBBER: Malaysian rubber prices eased this week despite keen Chinese demand. "There is demand for rubber, especially from China," said one dealer. On Friday, the Malaysian Rubber Board's benchmark SMR20 slid to 322.40 US cents per kilogramme (2.2 pounds) from 324.80 a week ago.