Oil hits $72 on Iran concerns
Oil surged to a record high above $72 today on concern that Iran's nuclear stand-off with the West could cut oil exports from the world's fourth-largest crude exporter.
In London, North Sea Brent crude oil jumped 74 cents to an all-time high of $72.20 a barrel as Iran and the West exchanged increasingly sharp words over the Islamic Republic's determination to push ahead with a nuclear program.
'The Iranian situation is making us all very nervous... We don't seem to be getting anywhere on the diplomatic solutions,' said Deborah White, an analyst at SGCIB in Paris.
In London, North Sea Brent crude oil jumped 74 cents to an all-time high of $72.20 a barrel as Iran and the West exchanged increasingly sharp words over the Islamic Republic's determination to push ahead with a nuclear program.
'The Iranian situation is making us all very nervous... We don't seem to be getting anywhere on the diplomatic solutions,' said Deborah White, an analyst at SGCIB in Paris.
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