Oil shot to a five-year high yesterday, in reaction to Iraqi missile attacks against US aircraft. October Brent in London shot up 65 cents to US$24.23 per barrel, and October crude has now climbed more than 3 per cent since Wednesday. The latest rise came particularly after Iraqi warnings that it would be construed as an act of war if US planes were allowed to use Kuwait as a base. Iraqi Deputy Prime Minister Tareq Aziz said: 'We consider this on the part of the Kuwaiti regime a flagrant aggression against Iraq and an act of war against the state of Iraq.' Analysts said the prices were now expected to linger at about $24 per barrel until the US reaction was seen. Two B-52 bombers and about eight F-117A Stealth bombers have been moved to the Gulf, and US Secretary of Defence William Perry has warned that the US response would be 'disproportionate' to the Iraqi attack. Leslie Nicholas, an oil analyst at Gerrard and National Intercommodities, said he expected a US attack to come by today and should send oil lower. However, he said there were still strong fundamentals that would underpin the market. He said: 'There is still a floor to the price caused by the fact that heating oil stocks are fairly low and demand is relatively high.' Mr Nicholas said some easing in the oil price might also come through a technical correction, expected after expiry of October Brent later today.