NEW YORK ? Renewed tensions between Iran and the West pushed oil its highest level in more than a month.
Iran is again threatening to block a critical Persian Gulf shipping route in response to a European embargo of Iranian oil. Iran has sparred for months with the West over its nuclear program.
Benchmark U.S. crude added $3.91, or 4.7 percent, to end at $87.66 per barrel in New York. That's the highest price since May 30.
Brent crude, which sets the price of oil imported into the United States, rose above $100 for the first time in three weeks. Brent added $3.34, or 3.4 percent, to finish at $100.68 per barrel in London.
Combined with a big gain on Friday, oil has risen by nearly $10 per barrel in less than a week. That's bringing an end to a prolonged drop in pump prices. The national average for gas rose slightly Tuesday to $3.30 per gallon, the first increase in more than two months.
An increase in U.S. factory orders from April to May also supported oil prices on Tuesday. And analysts are betting that Europe, China and the U.S. will take steps to stimulate their economies, which would boost oil demand.
? Associated Press
emmy rossum jay z and beyonce the big chill tony blankley steelers charles barkley beyonce
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.