Oil Price Climbs On Fear Iran May Stop More Oil

Published February 21, 2012 4:36PM (EST)

NEW YORK (AP) — Oil prices are at the highest level since May on concerns that Iran will cut off more oil to Europe.

Iran announced over the weekend that it will stop selling oil to Britain and France in retaliation for a planned European oil embargo this summer. The move was mainly symbolic — Britain and France import almost no oil from Iran — but it raised concerns that Iran could take the same hard line with other European nations that use more Iranian crude.

Benchmark crude rose by $1.67 to $105.27 per barrel in New York. Brent crude rose 44 cents to $120.49 in London.

In the U.S., retail gasoline prices added less than a penny at a national average of $3.57 per gallon.

By Salon Staff

MORE FROM Salon Staff

Related Topics ------------------------------------------