Commodities

Oil Jumps on Fears Iran Could Be Attacked

Stock quotes in this article: USO , XOM , COP , BP , RDS.A , HAL , NBR  

Crude futures were gaining ground Tuesday, buoyed by persistent weakness in the dollar and heightened tension between Israel and Iran that some Pentagon officials believe is careening toward a military conflict.

West Texas crude for August delivery was recently trading $2.66 higher at $142.66 a barrel at the New York Mercantile Exchange, and Brent crude was gaining $2.51 at $142.34 a barrel.

Reformulated gasoline is up 5 cents at $3.55 a gallon, heating oil is trading 8 cents higher at $3.98 a gallon, and near-term natural gas is up 17 cents at $13.52 per million British thermal units.

The dollar continued its slide in overnight trading in Asia in Europe, breaching $1.58 against the euro, 105 yen, and testing $2 against the British pound -- all considered major resistance levels.

Oil's High -- Suck It Up

The upcoming meeting of the European Central Bank has weighed heavily on the dollar over the past two weeks, sending the dollar skidding from $1.53 against the euro on June 14 to nearly $1.60 now. ECB President Jean-Claude Trichet is widely expected to push for a 25-basis-point increase in the ECB's benchmark lending rate at the meeting this week in order to fight signs of inflation.

Also affecting oil markets was a measurable increase in discussion among leading U.S. political figures and the news media about a potential military strike by Israel against Iran.

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Oil *
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