Middle East Tension Keeps Oil Over $100

New York, NY, Dec. 28, 2011 — Oil prices were above $101 a barrel on investor concern that rising Middle East tensions could disrupt crude supplies.

Benchmark crude for February delivery rose 6 cents to $101.40 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.66 to settle at $101.34 in New York on Tuesday.

In London, Brent crude was down 12 cents to $109.15 a barrel on the ICE Futures exchange.

Iran threatened to close the Strait of Hormuz, cutting off oil exports, if Western nations impose sanctions on Iran’s oil shipments.