Price for crude oil surged past the $65 per barrel mark,
just days after
warned that prices would rise if the country was subjected to economic
As European leaders met to discuss possible sanctions
its weapons-grade uranium program,
’s economy minister said on
Iranian state radio Monday, Jan. 15, that any such actions could “raise oil
prices beyond levels the west expects.”
In trading on the New York Mercantile Exchange on Tuesday,
Jan. 17, the price of light, sweet crude rose to a high of $65.53 per gallon.
This marked the highest price for oil since Oct. 3 in the wake of Hurricanes
Katrina and Rita.
The Associated Press reported that analysts blamed
both the Iranian situation and an attack on an oil platform in
spike in prices.
During the week of Jan. 8, a Royal Dutch-Shell Group of
Companies oil platform in
was attacked, shutting down more than 100,000 barrels per day of production.
Another assault Jan. 16 on a Shell pumping station near the Nigerian Delta
forced staff evacuations and further exacerbated the situation.