Oil rises to near $102 as Iran tensions rise

[Omaha Steve]

Source: AP-Excite

By ALEX KENNEDY

SINGAPORE (AP) - Oil prices rose to near $102 a barrel Monday in Asia amid growing tensions between Iran and Western powers and signs the U.S. economy is improving.

Benchmark crude for January delivery was up 64 cents to $101.60 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 76 cents to settle at $100.96 on Friday.

In London, Brent crude was up 45 cents at $110.39 on the ICE futures exchange.

Tensions have been building for weeks over Iran's nuclear program. The country is the world's third-biggest oil exporter, shipping 2.2 million barrels of crude per day, and escalating sanctions or an armed conflict could threaten exports leaving the Persian Gulf.

Read more: http://apnews.excite.com/article/20111205/D9RE82SO0.html

[xchrom]

1. Recommend

[dipsydoodle]

2. It is anticipated

that a complete embargo on their oil would increase the price to over $250 a barrel on the basis of which current figures don't sound too bad.

Rec'd for being actual news.

[sarcasmo]

3. Speculators make a killing and screw the rest of the populace in the process.