Crude Oil Jumps on Israel-Iran Bomb Talk
Energy futures were making strong gains Friday at the New York Mercantile Exchange, stimulated by a report Israel is contemplating military action against Iran, rumors that Saudi Arabia is planning to increase oil production and a weaker U.S. dollar.
West Texas light crude for July delivery was up $3.85 at $135.78 a barrel, and Brent crude was advancing $3.64 at $135.64 a barrel. Reformulated gasoline was ahead by 8 cents at $3.44 a gallon, heating oil was adding 11 cents to $3.83 a gallon, and near-term natural gas was up 26 cents at $13.12 per million British thermal units.
The U.S. dollar was putting on a poor showing, with the euro gaining more than a penny at $1.5650. The U.S. Dollar Index, which measures the value of the dollar against a basket of international currencies, is down 0.74% at 72.95.
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