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