U.S. Crude Surges to $104 Due to a Drop in Iranian Oil Supply

Reuters reported that U.S. crude surged to $104 per barrel due to a drop in Iranian oil supply to Europe.

As quoted in the market news:

On the New York Mercantile Exchange, March crude was up $1.31 a barrel to $104.55 as of 0023 GMT, after touching $105.44 on Monday — its highest since May 5.

Click here to read the full Reuters report.