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February 22nd, 2012 
FAKE NEWS for the Zionist agenda On Tuesday, oil prices reached their highest levels since May as Benchmark crude rose by $2.65, or 2.6 percent, to end the day at $106.25 per barrel on the New York Mercantile Exchange, marking the highest price of oil since May 4, 2011.
Meanwhile, the price of Brent crude climbed by $1.61 to close at $121.66 in London.
Analysts maintain that the energy market is taking a hammering over Iran’s latest warning to cut oil to more European markets, which may create further fluctuations in the supply chain.
Iran’s Oil Ministry announced on Sunday that it had cut oil exports to British and French firms in line with the decision to end crude sales to six European states.
On Monday, Iran’s Deputy Oil Minister Ahmad Qalebani hinted at the possibility of a halt in oil exports to Spain, the Netherlands, Greece, Germany, Italy and Portugal.
The world’s leading oil trader, Vitol, now says Iran has earned more from its crude sales, despite the Western sanctions.
“We have every reason to expect to see prices advance on this latest Iranian news,” Cameron Hanover analyst Peter Beutel said.
The rise in gasoline prices is also said to be a drag on the US economy and make other fuels more expensive if prices stay high.
So far this year, benchmark oil has risen 7 percent. In other energy trading, heating oil rose by 5 cents to end at $3.24 per gallon and gasoline futures rose by 5 cents to finish at $3.07 per gallon. Natural gas futures fell by 6 cents to end at $2.63 per 1,000 cubic feet.
GHN/MB/HJL
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