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Oil prices climb as Iran threatens EU supply cut

Anchorage Daily News online -- CHRIS KAHN
The Associated Press

Published: February 7th, 2012 07:49 AM
Last Modified: February 7th, 2012 08:16 AM

NEW YORK (AP) - Oil prices are rising as Iran again threatens to cut off supplies to Europe.

Iranian lawmakers are pushing a plan to stop exporting crude to Europe before the European Union begins an oil embargo this summer. The EU and the U.S. are pressuring Iran because of its nuclear program.

Benchmark U.S. crude rose $1.47 to $98.38 per barrel in late morning trading in New York. Brent crude, used to price foreign oil varieties, rose by 71 cents to $116.64 per barrel in London.

U.S. oil prices fell Monday as supplies grew at the important Midwest distribution hub in Cushing, Oklahoma. The possibility of Iran stopping crude sales to Europe, creating tighter supplies,

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Submitted Feb 07, 2012 By: Nitewolf

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REPLIES (newest first)

remay Champion Author Houston Posts:5,227 Points:1,761,920 Joined:May 2006	Message Posted: Feb 8, 2012 12:45:51 PM Ignore remay Report Abuse Arghhh! Yet ANOTHER snapshot stock market update article on the price of oil!
chuckwthompson Champion Author Charlotte Posts:1,890 Points:217,535 Joined:Sep 2011	Message Posted: Feb 8, 2012 1:25:58 AM Ignore chuckwthompson Report Abuse Any surprise here?
investmentdr Champion Author Cleveland Posts:2,365 Points:1,103,935 Joined:Sep 2008	Message Posted: Feb 8, 2012 12:08:02 AM Ignore investmentdr Report Abuse Iran's relevance?
Wanda127 Champion Author Florida Posts:1,504 Points:573,740 Joined:May 2010	Message Posted: Feb 7, 2012 9:58:41 PM Ignore Wanda127 Report Abuse We need to keep our oil here & not worry about these other countries.
jjjleblanc Champion Author Rochester Posts:4,737 Points:1,200,040 Joined:Jun 2008	Message Posted: Feb 7, 2012 9:39:02 PM Ignore jjjleblanc Report Abuse Not getting better anytime soon.
ktbaeohana Champion Author Las Vegas Posts:1,183 Points:264,170 Joined:Mar 2010	Message Posted: Feb 7, 2012 5:35:26 PM Ignore ktbaeohana Report Abuse They do not care at all.
johntxx All-Star Author Texas Posts:708 Points:257,950 Joined:Aug 2011	Message Posted: Feb 7, 2012 3:34:20 PM Ignore johntxx Report Abuse Now how did that Beach Boys song go again? You got me rockin' and a rollin' Rockin' and a reelin' Bomb Iran Bomb bomb bomb bomb Bomb Iran
scu227 Champion Author New Haven Posts:2,220 Points:421,650 Joined:Feb 2011	Message Posted: Feb 7, 2012 2:36:37 PM Ignore scu227 Report Abuse No problem, all we have to do is keep our oil here and take care of ourselves.
K9LO Champion Author North Dakota Posts:1,417 Points:307,940 Joined:Nov 2010	Message Posted: Feb 7, 2012 2:09:28 PM Ignore K9LO Report Abuse Who cares about europe. Keep our oil here. Nuc IRAN
Edpap Champion Author Pennsylvania Posts:1,582 Points:153,000 Joined:Oct 2011	Message Posted: Feb 7, 2012 2:06:58 PM Ignore Edpap Report Abuse We are an exporter of oil, not an importer. Big Oil imports oil only to keep it off the world market and to keep the prices high.
gasrat6083 Champion Author Long Island Posts:1,694 Points:839,855 Joined:Sep 2005	Message Posted: Feb 7, 2012 1:06:44 PM Ignore gasrat6083 Report Abuse What will Obama do. Watch?
kag2010 Champion Author Winnipeg Posts:3,420 Points:663,335 Joined:Apr 2010	Message Posted: Feb 7, 2012 1:04:56 PM Ignore kag2010 Report Abuse U.S. oil prices fell Monday as supplies grew
doeslayersr Champion Author Illinois Posts:5,831 Points:512,150 Joined:Dec 2010	Message Posted: Feb 7, 2012 12:57:12 PM Ignore doeslayersr Report Abuse The Iranians cannot stick to a position any better than our current administration.
bandannaman Champion Author New Jersey Posts:1,154 Points:225,620 Joined:Dec 2010	Message Posted: Feb 7, 2012 12:34:41 PM Ignore bandannaman Report Abuse whatev