Thursday, June 21, 2018
News: Page (1) of 1 - 01/03/12 Email this story to a friend. email article Print this page (Article printing at page facebook
Oil begins 2012 with a bang, prices up 4 pct.
Oil prices shoot up 4 percent, as 2012 starts with growing concerns about Persian Gulf
By The Associated Press

NEW YORK (AP) ' Oil prices are soaring as tensions grow over key Persian Gulf oil shipments.

In Tuesday morning trading benchmark crude jumped $3.86, nearly 4 percent, to $102.69 per barrel in New York. Brent crude rose $4.05, or 3.8 percent, to $111.43 per barrel in London.

Prices shot up as commodity exchanges opened for the first day of 2012 trading, driven by concerns that Iran would try to close the Strait of Hormuz to oil tankers, if Western nations impose new sanctions.

Iran warned the U.S. to stay out of the strategic waterway, where one-sixth of the world's oil shipments pass every day. On Monday its navy fired a cruise missile as part of a military exercise.

Page: 1


Our Privacy Policy --- About The U.S. Daily News - Contact Us - Advertise With Us - Privacy Guidelines