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Iran's Detention of U.K. Sailors Triggers Rise in Oil Prices

March 26, 2007

NEW YORK --- Growing tensions between Iran and the West, arising from Iran's detention of British naval personnel, has prompted oil prices to rise.Light, sweet crude for May delivery climbed 60 cents to $62.88 a barrel in afternoon trading on the New York Mercantile Exchange, the Associated Press reported. The contract closed at a three-month high on Friday at $62.28 a barrel.Tensions are also higher between Iran and the West because the United Nations voted Saturday to impose harsher sactions against Iran for refusing to halt its efforts to enrich uranium.
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