Mideast Tensions, Norway Strike Drive Oil Prices Sharply Higher

摘要

Oil futures posted sharp gains on Tuesday as Iran said it had test-fired medium-range missiles. A labor dispute in Norway’s oil fields -- now into its second week -- also supported prices. Iran said it had fired a missile capable of reaching Israel, further ratcheting up tension in the region. The move followed the introduction of a draft bill in the Iranian parliament that effectively would close the Straits of Hormuz in retaliation for international sanctions against Tehran (IOD Jul.3’12).