Crude oil prices jump on Arabian Gulf tension story

www.chinaview.cn 2008-04-26 04:12:55

NEW YORK, April 25 (Xinhua) --

Crude oil prices jumped Friday on news that a ship under contract to the U.S. Defense Department fired warning shots at two alleged Iranian boats in the Arabian Gulf.

The news raised concerns that a conflict between U.S. and Iranian forces could cut oil supplies from the region.

Light, sweet crude for June delivery was up 2.46 U.S. dollars to 118.52 a barrel on the New York Mercantile Exchange after hitting 119.55 dollars.

Earlier this week, crude prices rose as high as 119.90 dollars as investors on weak dollar and news of a pipeline attack in Nigeria and a looming refinery strike in Scotland.

Editor: Yan Liang

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