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Oil Caps Longest Rally in Two Years on Iran

Bloomberg -- Oil capped its longest rally since January 2010 as escalating tension with Iran threatens supplies and on signs of a global economic recovery.

Futures advanced above $109 a barrel for the first time in almost 10 months as sanctions against the Persian Gulf nation make it more difficult to sell oil. Iran dismissed UN atomic inspectors’ concerns that nuclear-weapon work is occurring, a document acquired by Bloomberg News showed. U.S., French and South Korean consumer confidence gained, reports showed today.

“Everyone is looking at $110 oil,” said Stephen Schork, president of the Schork Group in Villanova, Pennsylvania. “The tension between Iran and the West has risen to an incredible level. We’re trading on fear that this will deteriorate into a new war in the Middle East.”

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Submitted Feb 25, 2012 By: WxVette
Category: Daily News Article Discussions > Topics Add to favorite topics  
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Eliano
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Message Posted: Feb 26, 2012 4:31:12 PM

it really gonna hurt
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dsaine
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Message Posted: Feb 26, 2012 8:35:05 AM

Ok
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chuckwthompson
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Message Posted: Feb 26, 2012 4:42:13 AM

Ya think? What was your first clue Sherlock?
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bullman68
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Message Posted: Feb 26, 2012 2:43:19 AM

F.U.D.
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alterman156
Champion Author New York

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Message Posted: Feb 26, 2012 1:39:37 AM

Speculators being greedy.
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TripleHs
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Message Posted: Feb 25, 2012 2:20:14 PM

speculations
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Night Owl
Champion Author Toronto

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Message Posted: Feb 25, 2012 12:51:59 PM

Greedy Wall Street oil speculators are laughing all the way to the bank. Why isn't Pres. Obama stopping this madness?
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northeast2
Champion Author New York

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Message Posted: Feb 25, 2012 11:34:17 AM

Don't you love it when a commodity producer can jack up prices without doing anything more than issuing empty threats?
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uglytom
Champion Author Florida

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Message Posted: Feb 25, 2012 11:26:06 AM

More natural gas,please!
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Lugi1967
Champion Author Ohio

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Message Posted: Feb 25, 2012 11:23:10 AM

When this blows over there will be a lot of speculators holding onto some fat contracts that they will eat
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brbaritone
Champion Author Virginia

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Message Posted: Feb 25, 2012 10:37:46 AM

Lots of people making lots of money ... on the backs of the common people. Some things never change.
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carolsgym
Sophomore Author Maine

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Message Posted: Feb 25, 2012 10:16:37 AM

thank Obama and crongress for the rises
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dorisntx
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Message Posted: Feb 25, 2012 10:09:21 AM

ok
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MLB2701
Veteran Author Medford

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Message Posted: Feb 25, 2012 9:59:52 AM

Another reason for big oil price gouging
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Buckeyee
Champion Author Maine

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Message Posted: Feb 25, 2012 9:59:30 AM

Blame the future traders,& speculators, & the federal government.
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grandpadon28110
Champion Author Charlotte

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Message Posted: Feb 25, 2012 9:37:46 AM

Big oil likes it.
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