US crude futures surge $1.66/bbl on Iran worries

27 December 2011 20:33  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for February delivery settled at $101.34/bbl on Tuesday, up $1.66, in response to Iran’s threat to shut down the Strait of Hormuz, the oil shipping route out of the Arab Gulf, if sanctions are imposed on its crude exports.

Fear of potential supply disruptions drove February crude up to establish an intra-day high of $101.77/bbl, up $2.09, before retreating.

In the last trading week of the year, overall market participation was thin and prices moved easily on light volume.

The stock market was flat to slightly higher overall despite released data showing a rise in US consumer confidence.

ICE Brent for February delivery topped out at $109.50/bbl before settling at $109.27/bbl, up $1.31.

By: Ignacio Sotolongo
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