Oil prices climb as Iran threatens EU supply cut

By: Associated Press
By: Associated Press

Tuesday, February 7, 2012

NEW YORK (AP) -- Oil prices are rising as Iran again threatens to cut off supplies to Europe.

Iranian lawmakers are pushing a plan to stop exporting crude to Europe before the European Union begins an oil embargo this summer. The EU and the U.S. are pressuring Iran because of its nuclear program.

Benchmark U.S. crude rose $1.47 to $98.38 per barrel in New York. Brent crude, used to price foreign oil varieties, rose by 71 cents to $116.64 per barrel in London.

U.S. oil prices fell Monday as supplies grew at the important Midwest distribution hub in Cushing, Okla. The possibility of Iran stopping crude sales to Europe, creating tighter supplies, boosted prices around the globe on Tuesday.

Retail gasoline prices were flat at a national average of $3.48 per gallon.

(Copyright 2012. Associated Press)


Have information or an opinion about this story? Click here to contact the newsroom.


Copyright WRDW-TV News 12. All rights reserved. This material may not be republished without express written permission.


Mailing Address: P.O. Box 1212 Augusta, GA 30903 Main Telephone: (803) 278-1212 Newsroom: (803) 278-3111 Fax: (803) 442-4561
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 138867549 - wrdw.com/a?a=138867549
Gray Television, Inc.