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Oil Surges on Supply, Iran Worries

NEW YORK -- Oil and other petroleum futures surged Thursday amid supply concerns sparked by a decline in crude inventories at a key Oklahoma terminal and the confrontation between the West and Iran, according to the Associated Press.

The U.S. is trying to raise support for new U.N. sanctions against Iran over its nuclear programs. Iranian President Mahmoud Ahmadinejad says the nuclear issue is "closed," and has vowed to defy any U.N. sanctions.

Many traders are betting the West will take action against Iran before the end of the year, and worry that economic sanctions or a military strike will result in the disruption of oil supplies from the Middle East, Gheit said.

November light, sweet crude jumped $2.58 to settle at $82.88 a barrel Thursday on the Nymex, while October gasoline rose 6.65 cents to settle at $2.0939 a gallon.

Posted by Peter C. T. Elsworth  at 3:24 PM to Crude oil market , Gas prices | Permalink

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