Iran's move to cut off oil shipments

Iran's move to cut off oil shipments to Britain and France is expected to have little or no effect on supplies, but had an immediate effect on world prices Monday, as oil prices jumped to a nine-month high above $105 a barrel.

By early afternoon in Europe, benchmark March crude was up $1.91 to $105.15 per barrel 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...

from Fox News