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Oil Prices Surge Over Speculation of Israel Strike on Iran

Written: 2011-11-08 12:13:26Updated: 2011-11-08 13:39:05

Oil Prices Surge Over Speculation of Israel Strike on Iran

International oil prices have soared as tension mounts in the international community over speculation Israel may launch a strike against Iran’s nuclear facilities.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in December traded at 95-point-52 U.S. dollars per barrel on Monday, up one-point-three percent, or one-point-26 dollars, from the previous session last Friday.

On the London ICE futures market, North Sea Brent crude oil jumped two-point-two percent, or two-point-47 dollars, to hit a seven-week high of 114-point-44 dollars per barrel.

It’s been rumored Israel might attack Iranian nuclear facilities once the International Atomic Energy Agency releases a report on Iran’s nuclear program.

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