Contact Us

Oil Begins 2012 With A Bang, Prices Up 4%

David McNew/Getty Images

NEW YORK (AP) — Oil prices are soaring as tensions grow over key Persian Gulf oil shipments.

In Tuesday morning trading benchmark crude jumped $3.86, nearly 4 percent, to $102.69 per barrel in New York. Brent crude rose $4.05, or 3.8 percent, to $111.43 per barrel in London.

Prices shot up as commodity exchanges opened for the first day of 2012 trading, driven by concerns that Iran would try to close the Strait of Hormuz to oil tankers, if Western nations impose new sanctions.

Iran warned the U.S. to stay out of the strategic waterway, where one-sixth of the world’s oil shipments pass every day. On Monday its navy fired a cruise missile as part of a military exercise.

Meanwhile, U.S. gasoline prices were flat at a national average of $3.28 per gallon.

More News from K2 Radio

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://k2radio.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on K2 Radio quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on K2 Radio quickly by logging in with your Facebook account. It's just as secure, and no password to remember!