Crude Price Spike On War Jitters

From the Dow Jones News Service (No link available):

NEW YORK (Dow Jones)--Crude oil futures jumped nearly 8% in a matter of minutes in afterhours trading Tuesday, topping $68.00 as rumors of a military confrontation in the Persian Gulf involving Iran spurred panic buying.


Crude oil for April delivery on the New York Mercantile Exchange climbed more than $5 to hit a high of $68.09 a barrel, the highest level for a front-month contract since September, before giving back most of its immediate gains.

Brent on ICE Futures rose more than $4 to a high of $69.00 a barrel.
The surge in prices came amid massive buying, traders said.
"This has got to be about Iran," a trader said.

By Masood Farivar

27 March 2007 at 1720 Eastern Daylight Savings Time.

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