Saudi Arabia's King Fahd has died, and his half-brother Crown Prince Abdullah, who has been de facto ruler for a decade, has been anointed his successor. Medical sources told that King Fahd, who is believed to be 84, had been in ill health for years, and passed away in hospital at dawn on Monday. The king had been admitted to King Faisal Specialist Hospital in Riyadh in late May for "medical tests" and was said to be suffering from respiratory problems caused by pneumonia. Defense Minister Prince Sultan is next in line to the throne after Abdullah, and was named crown prince. The news sent oil prices soaring. At 8.40 am in London, New York's main oil contract, light sweet crude for September delivery, was at 61.02 usd, having spiked back above 61 from a close of 60.57 usd in the US on Friday. The September-dated Brent futures contracts were up 50 cents at 59.87 usd.