Oil Rises To Near $94 On Israel-Iran Concerns [View all]
By Pablo Gorondi on August 13, 2012
Oil prices rose to near $94 a barrel Monday as increased concerns about the possible escalation of the conflict between Israel and Iran helped crude claw back last week's losses triggered by the International Energy Agency's lower crude demand forecast.
Brent's climb to three-month highs was seen spurred by declining crude output in the North Sea — blamed mostly on maintenance shutdowns — and mounting fears of an armed confrontation in the Middle East.
On Sunday, Israeli Prime Minister Benjamin Netanyahu reiterated warnings about the threat from Iran's nuclear program, which Tehran says is only for peaceful aims like generating electricity.
"All threats directed at the Israeli home front are dwarfed by another threat, different in its magnitude and substance, and so I have repeated and shall repeat: Iran must not be allowed to obtain nuclear weapons," Netanyahu told his Cabinet on Sunday. Last week defense officials confirmed that Israel's top-tier missile defense system has been upgraded.