Oil jumps to nine-month high after Iran cuts supply
Oil prices jumped to a nine-month high above $105 a barrel today after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country's nuclear program.
By early afternoon in Europe, benchmark March crude was up $1.91 to $105.15 per barrel 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 per barrel in New York on Friday.
Markets in the United States are closed today for the Presidents Day holiday.
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