Crude oil holds steady

July 16, 2012 at 4:39 PM
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NEW YORK, July 16 (UPI) -- Crude oil prices rose above $88 a barrel Monday as the dollar index fell 0.24 percent.

Traders also focused on supply issues in the Middle East, as Iran threatened to block oil movement through the Straits of Hormuz in response to an international embargo over the possibility that Iran is developing nuclear weapons.

In afternoon trading, light, sweet crude for August delivery added $1.20 to $88.30 a barrel on the New York Mercantile Exchange.

Henry Hub natural gas was shed 7 cents to $2.804 per million British thermal units.

Home heating oil was up 4.2 cents to $2.8302 per gallon.

Reformulated blendstock gasoline was up 4.14 cents to $2.8575 a gallon.

At the pump, the national average price of unleaded gasoline was $3.396 per gallon Monday, unchanged from Sunday, AAA said.

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