Oil jumps to 9-month high after Iran cuts supply

Oil prices jumped to a nine-month high near $ 105 a barrel on Monday in Asia after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country's nuclear programme.

Benchmark crude was up $ 1.75 to $ 104.99 per barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange.

Earlier in the day, it rose to $ 105.21, the highest since May. The contract rose 93 cents to settle at $ 103.24 per barrel in New York on Friday.

Read more: IBN Live

Posted in: Business, Crude Oil, Iran, News, Prices