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Oil Jumps to 9-Month High After Iran Cuts Supply, Predicted to Hit $150

Published February 22, 2012

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

That news came even as a semiofficial Iranian news agency reported that Tehran is considering extending its oil embargo against France and Britain to other European countries.

The Mehr news agency quoted National Iranian Oil Co. Ahmad Qalehbani as saying that Tehran may stop crude exports to European Union members that continue “hostile acts” against Iran.

What’s more, Qalehbani predicted that oil prices could pass $150 a barrel, without specifying when.

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