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Oil prices jump on US firing report PDF Print E-mail
Saturday, 26 April 2008

AP, NEW YORK -- Oil prices rose sharply Friday on news reports that a ship under contract to the U.S. Navy fired warning shots at two Iranian boats.

The report on Fox News raised concerns that a conflict between U.S. and Iranian forces could cut oil supplies from the Persian Gulf region.

Light, sweet crude for June delivery rose $2.85 to $118.91 a barrel on the New York Mercantile Exchange after earlier rising as high as $119.50.

Prices were already up before the report on news of a pipeline attack in Nigeria and a looming refinery strike in Scotland.

At the pump, meanwhile, gas prices rose another 2.1 cents Friday to a record national average of $3.577 a gallon, according to AAA and the Oil Price Information Service.

Gas prices have been following oil futures higher, but are also rising due to concerns about whether gasoline supplies are adequate to meet peak summer driving demand.

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