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July 4th, 2012 
FAKE NEWS for the Zionist agenda Brent crude sold at $99.04 a barrel, up $1.70, by 0910 GMT, after earlier hitting an intraday high of $99.15, Reuters reported on Tuesday.
Benchmark US crude was up 4.6 percent to $87.57 per barrel in New York. Prices rose as high as $88.04 earlier in the day, the highest since May 31.
Iran’s parliament plans to debate a fast-track bill calling for the Strait of Hormuz to be blocked in response to the European Union sanctions on the country’s oil industry.
The Strait of Hormuz is a narrow waterway linking the Persian Gulf and the Oman Sea through which some 35 percent of all seaborne-traded oil and 20 percent of all oil traded globally passes.
“Iran is always a factor and it has the potential to have a dramatic impact on oil prices,” said Ben Le Brun, a markets analyst at OptionsXpress in Sydney.
On July 1, under US pressure, the EU imposed a new round of sanctions on Iran’s oil and banking sectors which had been approved by the bloc’s foreign ministers on January 23.
In March, the US administration approved new embargoes on Iranian crude that penalize other countries for buying or selling Iran’s oil. The sanctions took effect on June 28.
KA/AS/HGL
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