Oil Rose 26 Cents as EU Moves Toward Iran Sanction

Bloomberg reported that oil surged after European Union governments moved closer to halting oil purchases from Iran.

As quoted in the market news:

Crude for February delivery rose 26 cents, or 0.3 percent, to $103.22 a barrel on the New York Mercantile Exchange, the highest settlement since May 10. Prices climbed 8.2 percent in 2011, the third straight annual gain.

Click here to read the full Bloomberg report.