Finance

Oil Above $100 over Concerns of Iranian Conflict

Oil Rising on Fear of War With Iran

Iranian President Mahmoud Ahmadinejad visits the Natanz Uranium Enrichment Facility some 200 miles south of the capital Tehran, Iran. (AP)

BANGKOK (AP) — Oil rose above $101 a barrel Wednesday in Asia as escalating tensions in the Middle East outweighed lingering concerns about Greece’s ability to implement austerity measures to resolve its debt crisis.

Benchmark crude was up 80 cents to $101.55 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 17 cents to finish at $100.74 per barrel in New York on Tuesday.

Brent crude was up 80 cents at $118.15 per barrel in London.

Analysts of fears of a disruption in oil supplies were a result of expectations that Iranian President Mahmoud Ahmadinejad will unveil new nuclear projects shortly. The U.S. and its allies accuse Iran of seeking nuclear weapons, a charge Tehran denies.

“I think the market is grappling between the softer demand outlook versus this … situation we are seeing in the Middle East,” said Natalie Robertson, a commodities analyst at ANZ Banking Group in Melbourne, Australia.

Also sending supply concerns higher was a vigorous spat between Israel and Iran following a bomb attack on an Israeli diplomatic target in India and a foiled attack in Georgia, said Robertson.

Israel has accused Iran of waging a covert campaign of state terror that stretched this week to the heart of Asia after a bungled series of explosions led to the capture of two Iranian nationals in the Thai capital Bangkok.

Still, energy trader and consultant The Schork Group said in a report that it continues to think oil prices will fall due to caution in the U.S. at the gas pump after a report showed January retail sales grew only modestly.

“Consumers are spending, but with higher food prices and new iPhones to buy, they are not spending at the pump,” Schork said.

Greek lawmakers, meanwhile, have passed a package of spending cuts to try to win approval for a second bailout loan that is urgently needed to prevent a default on the country’s debts.

But European finance ministers canceled a meeting to discuss that funding after Greece, which is already struggling from five years of recession, failed to comply with numerous demands.

If no deal is reached, Athens will careen toward bankruptcy – posing a risk to Europe’s already sluggish economy.

In other energy trading, heating oil was up 2 cents at $3.19 per gallon and gasoline futures fell 3 cents to $2.98 per gallon. Natural gas rose 1 cent to $2.55 per 1,000 cubic feet.

Comments (37)

  • Randyrocker
    Posted on February 15, 2012 at 5:04pm

    They’re robbing you now, before they‘re unable to rob you later when you’re all broke.
    You soon won’t be able to drive your car anywhere special, so why in hell would you want to buy one and put yourselves and your family into a credit card straight jacket. Obama is turning the USA into the dark side of despair and at a quicker pace than you think.

    Report Post »  
    • charleyrocks
      Posted on February 17, 2012 at 7:18am

      where is James bond when you need him, Why can’t this maniac be done with?

      Report Post » charleyrocks  
    • charleyrocks
      Posted on February 17, 2012 at 7:20am

      I meant the ruler of Iran should be dealt with along with his guy in the western suit. lol

      Report Post » charleyrocks  
  • norski
    Posted on February 15, 2012 at 4:35pm

    The FACTS are that the United States is having a OIL BOOM in North Dakota. I have heard several media stories and published oil related stories, but little to no menion of this big exploration of our resources. The Pipeline would be an important transportation help for the area. Currently oil is transported by rail adding $3/barrel to the cost. Spread the word.

    Report Post »  
  • Ghandi was a Republican
    Posted on February 15, 2012 at 3:49pm

    Iran is pretty much baked in to oil speculation for some time (barring a real engagement). The price is not higher because the economy sucks and speculators know better than to believe the propaganda and manipulation we get from the propagandists on board with the obama/soros agenda. The only reason oil is not lower is the because devalued dollar. Obama will blame everything else, but! The progs are way too stupid to create the perfect storm. They want war and discord to achieve their ends, by any means.

    Report Post » Ghandi was a Republican  
  • HKS
    Posted on February 15, 2012 at 2:36pm

    Obama is getting that price right where he wants it and you can pay the bill. Nailing down that pipeline deal would have kicked the price of oil way down and he can’t have any of that. Soros, Buffet and Gore have money to make, so you get the hell out of their way. Talk about sucking up to the rich, Obama is as good at it as anyone has ever been.

    Report Post » HKS  
  • Hrothgar
    Posted on February 15, 2012 at 10:50am

    Man all the RC rigs in my town are chomping at the bit, literally, to get out there and start drilling for the Texas Tea. Lots of guys are ready to go trip rod at these oil wells.

    Report Post » Hrothgar  
  • KidCharlemagne
    Posted on February 15, 2012 at 10:18am

    As long as the rest of the world is required to pay for crude oil in U.S. dollars (does anybody else find it odd that the OPEC countries will ONLY accept U.S. dollars as payment for crude oil?), then it creates an artificial demand (that wouldn’t otherwise exist) for US dollars around the world.

    That acts as a counterbalance against the propensity of Chairman Bernanke to counterfeit trillions of dollars to bail out the banks with….so as long as the demand for US dollars around the world persists to pay for a day’s worth of crude oil, then Chairman Bernanke can continue to counterfeit with impunity.

    However, if one (or even more) of those OPEC countries ever decided to go off the US dollar (like Iran has done not too terribly long ago), then the artificial demand for dollars around the world starts dropping and the US dollar starts to weaken (sapping some of the dollar’s purchasing power and making the price for food and energy in particular start rising dramatically).

    In essence, prices for goods don’t go up….but instead it’s a reflection of either an anticipated or actual drop in the value of the US dollar.

    Report Post »  
  • The_Jerk
    Posted on February 15, 2012 at 10:16am

    Just in case someone out there desires to know the truth about how the Middle East has evolved into what it is today, and what America’s role was in that evolution, begin here:
    http://www.haaretz.com/print-edition/features/perles-of-wisdom-for-the-feithful-1.32839

    American’s duped out of lives and wealth for a two-bit nation called Israel.

    Report Post »  
    • SoupSandwich
      Posted on February 15, 2012 at 12:53pm

      I would venture 3 bit just on the fact that every time the goat humpers attack them they get smacked back into Paleostine era. Ha ha ha. Camel humpers can’t even get those 2 or 3 bit Israelites out of the Allah land. Do you fume over that in the still of the night? Do you need some alone time at the Wailing Wall? Hahahahahahahahahahaha. Ha. And a happy Hamas day to you Jerky.

      Report Post »  
  • spreadcommonsensenot pc
    Posted on February 15, 2012 at 9:28am

    Hock-a-hairball sneezes oil goes up…..
    Hugo phartes oil goes up,,,,,,,,,
    Obama goes on vacation, oil goes DOWN,,,,,,,,give Obama a permenate Vacation——please,
    vote BO out,,,,,,

    Report Post »  
  • Ssmicheal
    Posted on February 15, 2012 at 8:58am

    Remeber when gas went up under Bush (for a much shorter time) The left were practically accusing him of trying to kill monorities and seniors so that he and his oil tycoon buddies could get rich
    But not one thing in news about Obama and gas prices. I cannot remember when I bought gas under $3.00. Heck when it gets down to $3.25 its cause for celebration. What is up with that?

    Report Post »  
  • SquidVetOhio
    Posted on February 15, 2012 at 8:42am

    This just in… Oil above $100 per barrel amongst fears of the Mayan calendar predicting the end of the world. Geez, any excuse to drive the price up. I am a capatilist, a supply and demand capatalists. Not a fear capatalist.

    Report Post » SquidVetOhio  
  • ThePostman
    Posted on February 15, 2012 at 8:42am

    Iran WILL get nuclear weapons, NO ONE is doing anything to stop them. It only makes sense to instead make friends, live peacefully, and have one helluva response ready and waiting. Walk softly and carry a big stick. It was good advice then, and it is good advice today and tomorrow.

    Sanctions are raising the price of oil – and that is the only outcome to expect from such bluster. We won’t change things in Iran, only the Iranian people can change things in Iran. Israel has nuclear weapons – they can protect themselves and they are doing a fine job of it.

    Now, why is it that you wish to vote for Romney or Santorum? Both of them babble about Iran, but neither of them will do anything concrete.

    Sanctions are for whiners, and they only hurt the poor people of a country. Stop the whining. Stop beating up the weak and poor to try to make a point to the rich and powerful. It’s like trying to beat up your little brother to prove to the neighborhood bully how tough you are. What that makes you is a COWARD.

    Report Post »  
    • The_Jerk
      Posted on February 15, 2012 at 9:17am

      Nukes will become common, period. Your point is spot on. Israel is Iran‘s enemy and Iran is Israel’s enemy. Israel has nukes. Iran out of necessity must also have nukes. America said nothing, and even assisted Israel in getting nukes. By choice we made all of the Middle East outside of Israel our enemy. It was foolish, and we are today paying the price for that foolishness. Truman was warned, but power won out over reason.

      Report Post »  
    • SoupSandwich
      Posted on February 15, 2012 at 1:17pm

      There will be periods of darkness followed by periods of light. Period… What other nuggets of absoluteness are you holding onto? Period? Wow. Clairvoyant antisemites are worth watching. Do you vascilate on what to wear every day or is it like absolute, you wear govt gray no matter what? Jerky, you are a dichotomy wrapped in falafel and onions. Does your significant other follow suit or do they get a black hijab like all the other goat humping crowd? Period, cuz you say so? Enlighten and digress on the Jew hate. Go ahead…

      Report Post »  
  • NHwinter
    Posted on February 15, 2012 at 8:18am

    TomFerrari – perhaps that is the reason Obama declined the Keystone pipeline, so China could have the oil instead of us.

    Report Post » NHwinter  
  • Vietvet1
    Posted on February 15, 2012 at 8:12am

    This story comes in the wake of another that was posted

    http://www.cnbc.com/id/46285933

    Step up or shut up…. IMHO

    We now have a POTUS who is having EPA (Enemy of the People of America) shut down 4 Coal fired Electric plants in Ohio, one in MD and one in PA. He then allows for the expanding Nuclear plant..[read]

    http://www.reuters.com/article/2012/02/09/us-usa-nuclear-license-idUSTRE8181T420120209

    BUT, 34 years later..and… NOW it may have p[assed to be built but, it seems they feel it is no longer a safe design and has to go back to the drawing board for changes.. DOH… and when do you think the changes will pass?? 2046?? So this allows the SPECULATORS and MANIPULATORS to continue this BS. I live in PA and in our area there is a ton of Marcellus and Utica BUT it seems it is slowed down due to EPA and Tax entities. We won’t get the pipeline but, that same oil is being brought into the USA by truck and trains owned by Buffett instead. FOLLOW THE FAVORS AND THE MONEY !! Enjoy the $4-5 plus / Gallon Gas and the $6+/gal. diesel. Oh and the diesel prices are in that loaf of bread and School Clothes. I will make it through this..I am retired and my wife works a few blocks away. Our money will be spent on food, taxes, clothing and medicine.. no kids here anymore. Good Luck America.

    Report Post »  
  • SpankDaMonkey
    Posted on February 15, 2012 at 7:50am

    .
    Is your household gas budget as out of control as ours? I fill up at half a tank to avoid having a heart attack at the pump. Filled up yesterday 20 gal cost $68 dollars…….

    Why is this not a bigger issue?……………….

    Report Post » SpankDaMonkey  
    • NHwinter
      Posted on February 15, 2012 at 8:06am

      It certainly was with Bush, but the MSM won’t blame Obama for anything while we drown in high prices for gas, food, homes, etc.

      Report Post » NHwinter  
    • Baddoggy
      Posted on February 15, 2012 at 8:11am

      Half a tank just gives you a mild stroke. Be a man and filler up!

      Report Post » Baddoggy  
    • raspberrytea
      Posted on February 15, 2012 at 8:53am

      That‘s what I’m wondering. Some polls have Obama at 50%
      approval. I can’t believe how the subject
      has turned to birth control! What is wrong
      with people?
      I think they are trying to wear us down. Everyday
      day it’s just more thing to slap us in the face.
      We have to remember this election is about
      freedom and only about freedom at this point!
      It seems like more and more people want the
      government to take over everything in their lives.
      Either they are lazy or have just given up.

      Don’t give up on freedom!! We have to stand
      strong against this tyranny.

      As government expands-Liberty contracts.
      Ronald Regan.

      Report Post »  
  • The_Jerk
    Posted on February 15, 2012 at 7:48am

    Once again, Israel costing the world. They, and their dual loyal citizens in America, will have their war by spring/early summer.

    Report Post »  
    • NHwinter
      Posted on February 15, 2012 at 8:10am

      Your name suits you. God said if you do not stand with Israel, He will not stand with you. I’d be careful if I were you.

      Report Post » NHwinter  
    • SquidVetOhio
      Posted on February 15, 2012 at 8:55am

      I know right? If only they would stand there and get wiped out like a good jew, our gas would be cheaper! Stupid jews trying to survive….

      note: This comment meant to expose the ridiculous by being ridiculous.

      Report Post » SquidVetOhio  
    • The_Jerk
      Posted on February 15, 2012 at 9:12am

      God’s Israel was not Zionist Israel.

      Report Post »  
    • SoupSandwich
      Posted on February 15, 2012 at 12:59pm

      Take it easy on Jerky Boy. He was spurned by a Jew at a formative age and has Hamas Hero worship syndrome as a result. Jerky, under the ADA, you can sue and claim mental anguish, stress and anxiety and get the meds you really need. Then you can sit around more and post more blather and poop about the Zionists.

      Report Post »  
  • GO-FOR-LIBERTY
    Posted on February 15, 2012 at 7:30am

    Not to fear. We do have the ^%$$$$$#@&!!! ~~~~~~Volt!

    Report Post »  
  • On The Bayou
    Posted on February 15, 2012 at 7:25am

    Looks like the sanctions against Iran are really working.

    Report Post » On The Bayou  
  • BlackAce41
    Posted on February 15, 2012 at 7:21am

    This is what happened when look to others for our Oil supply, And we continue to ship refined oil out of our country.. This president does not care about the little people at all. The soon the Little people wake up and smell the coffee or tea the quicker they will come around and figure this out….

    Report Post » BlackAce41  
    • Baddoggy
      Posted on February 15, 2012 at 7:34am

      Does not take care of the little people? Seriously? What other government programs do you want? You have free food, free housing, free healthcare, free cell phones, free internet access and free money in the formof a welfare check. How big of a sugar daddy do you want the “Little people” to have?

      Maybe we could give all the little people a million dollars to stimulate the economy too. My bet would be they would be broke in a week or dead from drug overdoses. Little people…OMG! Go join the OWS crowd, you are a fool.

      Report Post » Baddoggy  
  • Baddoggy
    Posted on February 15, 2012 at 7:08am

    Really? You think Iran is the problem? The world is melting and you give us Iran as the concern? The BLAZE has it‘s head stuck up it’s butt as far as the MSM does. It’s Italy, Germany, Greece, Russia and ALL of the Middle East…Not to mention the dollar is about to be taken off as the prefered currency for oil purchases…

    What the hell are we going to do when the dollar is worthless and we cant get our troops home? No wonder the Bible is silent on the USA in end times…We are toast!

    Report Post » Baddoggy  
  • mamawalker
    Posted on February 15, 2012 at 7:01am

    Gas is just one of many items that are rising at an alarming rate – food, rent, heating oil, electricity, and all commercial products while salary is being lowered or has been stagnant for four years. It is all fine because the economy is getting better and King Obama has “saved” us.

    Report Post »  
    • TomFerrari
      Posted on February 15, 2012 at 7:10am

      I’ll gladly pay $5.00 or even $6 or $7 a gallon for a few months if it wakes people up to get this guy out of office before he COMPLETELY ruins what is left of America!
      Of course, he’ll probably re-define the price of gasoline, and tell people that they are only paying $1.88 per gallon in spite of what their credit card statement says.
      Oh, $1.88 is what gasoline cost per gallon when obama took office.
      It is now almost $4.00 per gallon.
      That is more than DOUBLE in only 3 years.

      Way to go, obama.

      “Under my plan, the cost of energy WOULD NECESSARILY SKYROCKET.” – obama

      Report Post » TomFerrari  
    • Baddoggy
      Posted on February 15, 2012 at 7:21am

      Hey guys! Good news! Obama says the economy is turning around! Unemployment is only 8.7% and dropping fast…Yea it’s getting better! Can’t you feel it? Don’t be a negative nellie…If you dont start talking positive Obama will have to come show the use of the NDAA to you and put you in time out for a while…So play nice! Have a wonderful day!

      Report Post » Baddoggy  
    • TomFerrari
      Posted on February 15, 2012 at 7:33am

      AP story I just read – supposedly obama “tried” to lean on China to go along with the Iran embargos.
      But, he “stumbled.”
      Seems China is too dependent upon Iranian oil.
      Shucky darn. If only there were some country that had lots of oil that would start drilling it, and would sell it to China so they aren’t dependent upon Iran…

      IF ONLY.

      DRILL, BABY , DRILL !!!

      Report Post » TomFerrari  

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