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February 23, 2007

Oil running on Iran fears

Oil near high for year on Iran worriesOil rose to the highest price this year earlier today in New York on concerns supplies may be disrupted if Iran is sanctioned again for its nuclear program. U.S. Secretary of State Condoleezza Rice warned Iran it faces punishment and isolation if it continues to enrich uranium, according to a report in the Washington Post. Rice's remarks came after a meeting yesterday in Berlin with counterparts from Russia, Germany and the European Union after the International Atomic Energy Agency said Iran continues to develop nuclear material and know-how that could lead to weapons production. Crude oil for April delivery rose 42 cents to $61.37 a barrel at 9:25 AM Eastern on the New York Mercantile Exchange. Futures touched $61.70, the highest since Dec. 26.

and the summer driving season hasn't even started yet.

thanks aron

Posted by Martin at February 23, 2007 10:45 PM

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