Gas prices in the US are also at their highest price point this early in a calendar year. Could we see $5 a gallon by summer time? Hold on to your wallets!
Oil prices jumped to nearly 105 dollars a barrel - a nine-month high - in Asia today, after Iran said it halted crude exports to Britain and France in a dispute over its nuclear programme. Benchmark crude was up 1.75 to 104.99 dollars a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. Earlier in the day it rose to 105.21, the highest since May. The contract rose 93 cents to settle at 103.24 a barrel in New York on Friday.Brent crude was up 1.52 at 121.10 dollars a barrel in London.
Iran's oil ministry said yesterday it stopped crude shipments to British and French companies in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran's crucial fuel exports. They included a freeze of the country's central bank assets and an oil embargo set to begin in July.