Oil Trades Near 8-Month High on Iran Concerns - 2012/01/05 20:03Good day, fellow traders. Oil traded near the highest in almost 8 weeks in London as speculation that sanctions against Iran will curb crude supplies countered concern that Europe's debt crisis will worsen and slow demand.
Crude is trading above $100 a barrel for a 4th day in New York after European leaders moved to increase pressure on Iran and the Middle East producer threatened to retaliate by shutting the Strait of Hormuz, a transit point for a fifth of the world's crude.
Brent oil for February settlement was up 33 cents at $114.03 on the London-based ICE Futures Europe exchange as of 12:29 PM, after rising to $114.64 a barrel, the highest intraday level since November 14.
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