U.S. oil prices hit an all-time high on Thursday amid concerns over thin gasoline supplies ahead of peak demand driving season and tight global crude stocks.

Benchmark U.S. light crude futures for June delivery climbed to $41.8 a barrel, the highest level since October 1990 following the Iraqi invasion of Kuwait. The London Brent North sea crude oil gained 54 cents at $38.5 a barrel.

Dealers said crude rally's was fueled in part by a rise in U.S. gasoline futures to a record $1.4 a gallon hit in the regular session as dealers eyed a year-on-year supply shortfall in the run-up to vacation season.