04 Jan '12, 1am

U.S.-Iran Military Tension Spurs Oil Price Spike

And here's yet another demonstration of the vulnerabilities that arise from the global economy's stark dependence on oil. Increasingly tense relations between Iran and the United States–Iran just tested some domestically produced missiles, and is refusing to allow a U.S. aircraft carrier back into the Persian Gulf–are believed to have helped cause oil prices to leap to nearly $103 a barrel. Here's the AP (via the Slatest ): Oil prices soared Tuesday as tensions grew over key Persian Gulf oil shipments. Benchmark crude jumped by $4.13, or 4.2 percent, to end the day at $102.96 per barrel in New York. Prices climbed as soon as exchanges opened for the first day of 2012 trading. Commodity prices tend to rise at the beginning of January as investors start the new year with a fresh round of trading.This year prices were driven up by heightened concerns that Iran might try to cl...

Full article: http://www.treehugger.com/economics/us-iran-military-tens...

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