Oil Prices Surged 1.7 Percent

Dec. 27, 2011 10:53AM PST

Bloomberg reported that oil prices surged 1.7 percent after Iran threatened to block transportation.

As quoted in the market news:

Crude oil for February delivery rose $1.39, or 1.4 percent, to $101.07 a barrel at 1 p.m. on the New York Mercantile Exchange. The contract reached $101.39, the highest level since Dec. 8. Futures have climbed 11 percent this year after increasing 15 percent in 2010.

Click here to read the full Bloomberg report.