Iran's export ban pushes oil prices up

Feb. 15, 2012 at 5:49 PM
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NEW YORK, Feb. 15 (UPI) -- Crude oil prices topped $101 per barrel Wednesday after Iran said it would stop exporting oil to six European countries.

Iran struck back at the Netherlands, Greece, Portugal, Spain, Italy and France after the European Union agreed to join in international sanctions against Iran for the country's alleged nuclear weapons program.

On the New York Mercantile Exchange, light, sweet, West Texas Intermediate crude added $1.03 to reach $101.85 per barrel. Home heating oil shed 0.76 cents to $3.184 per gallon. Reformulated gasoline lost 1.92 cents to $2.9875 per gallon.

Henry Hub natural gas prices added 1.2 cents to $2.427 per million British thermal units.

At the pump, the national average price of unleaded gasoline added a half a cent, climbing to $3.518 per gallon Wednesday from Tuesday's $3.513, AAA said.

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