Oil Prices Rise Above $66 Amid Reports of Missing U.S. Citizen in Iran
NEW YORK --- Oil prices rose above $66 a barrel today, after reports spread that a U.S. citizen was missing in Iran.
The U.S. Justice Department said it is investigating reports that a private American citizen on a business trip in Iran was missing. Iran continues to hold 15 British sailors and marines in custody, charging that they illegally entered Iranian waters. The United Kingdom insists they were in Iraqi waters.
The standoff between the United Kingdom and Iran has fuel fears of a disruption in crude supplies. Since the sailors' capture 11 days ago, crude oil futures on the New York Mercantile Exchange have risen over 7 percent, according to the Web site for Business Week. Today, light sweet crude for May delivery rose 67 cents to $66.54 a barrel in afternoon trading.