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