Oil Prices Hit Highest Level Since May

By: Associated Press
By: Associated Press

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Tuesday, July 3, 2012

The price of oil jumped to the highest level since May on renewed fears of a military conflict with Iran.

Iran, which has sparred with the West over its nuclear program, is again threatening to block a critical Persian Gulf shipping route in response to a European embargo of Iranian oil. Action by Iran would certainly increase the risk for violence in the region, slowing tanker traffic.

More than a third of the world's seaborne oil is shipped out of the Persian Gulf.

Benchmark U.S. crude added $2.97, about 3.5 percent, to $86.72 per barrel in New York.

Meanwhile, gas prices ticked a little higher overnight. Tuesday's increase, the first increase in 77 days. Experts say pump prices will range between $3.30 and $3.50 through Labor Day.

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