Crude futures extend earlier gains on Iran supply fears

03 January 2012 15:14  [Source: ICIS news]

LONDON (ICIS)--NYMEX light sweet crude futures extended earlier gains to more than $3.00/bbl on Tuesday to take the front month February contract above $102.00/bbl on the back of ongoing threats by Iran to block movement through the Straits of Hormuz if sanctions are imposed on its oil exports.

By 14:30 GMT, February NYMEX crude had hit a high of $102.23/bbl, a gain of $3.40/bbl from the Friday close of $98.83/bbl, before easing back to around $102.05/bbl.

At the same time, February Brent crude on ICE Futures was trading around $111.30/bbl, having hit a high of $111.45/bbl, a gain of $4.07/bbl from the previous close of $107.38/bbl.

By: Tony Dillon
+44 20 8652 3214

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