Oil mixed in Asia as Iran tensions heat up

SINGAPORE: Oil was mixed in thin year-end Asian trade Wednesday as Iran warned it would lock down the crucial Strait of Hormuz if the West imposed sanctions on its oil exports, analysts said. New York’s main contract, light sweet crude for February delivery, gained two cents to $101.36 per barrel in the afternoon. Brent North Sea crude for February delivery shed 20 cents to $109.07. “The thin volume contributed to price volatility,” said financial analysis website easyforexnews.net in a report. But crude markets remained supported by Iranian threats of closing down the Strait of Hormuz in the event of Western sanctions, senior energy analyst of PFGBEST Phil Flynn said in a report. “The vice president of Iran says if there are...

Read more »

Posted in: BUSINESS