Persian Gulf Oil

Oil Begins 2012 With A Bang, Prices Up 4%
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…