Oil prices jump to $108

Feb. 23, 2012 at 6:00 PM
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NEW YORK, Feb. 23 (UPI) -- Crude oil prices jumped to more than $108 per barrel Thursday as tensions in the Middle East continuing to threaten supply.

West Texas Intermediate crude priced on the New York Mercantile Exchange shot up higher after Iran said last week it would stop delivering oil to six European countries. Tehran's move was in retaliation to an international effort to sanction Iran over its alleged nuclear weapons program.

Iran has also threatened to close a key transportation link, the Straits of Hormuz, if sanctions are put into effect.

Light, sweet crude oil for April delivery climbed from a morning price of $105.73 per barrel to $108.54 per barrel. Home heating oil gained 0.07 cents to $3.2907 per gallon. Reformulated gasoline shed 0.04 cents in late trading to $3.284 per gallon.

Henry Hub natural gas prices lost 2 cents to $2.619 per million British thermal units.

At the pump, the national average price of unleaded gasoline climbed to $3.612 per gallon Thursday from Wednesday's $3.579, AAA said.

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