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Reply #2: Oil rises to near $102 as Iran tensions rise [View All]

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 06:49 AM
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2. Oil rises to near $102 as Iran tensions rise
SINGAPORE Oil prices rose to near $102 a barrel Monday in Asia amid growing tensions between Iran and Western powers and signs the U.S. economy is improving.

Benchmark crude for January delivery was up 64 cents to $101.60 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 76 cents to settle at $100.96 on Friday.

In London, Brent crude was up 45 cents at $110.39 on the ICE futures exchange.

Tensions have been building for weeks over Iran's nuclear program. The country is the world's third-biggest oil exporter, shipping 2.2 million barrels of crude per day, and escalating sanctions or an armed conflict could threaten exports leaving the Persian Gulf.
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