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There is a spectrum of options falling well short of total closure; forms of harassment of the oil trade that would drive the price of crude up and keep it up, very much to Iran's benefit, but fall short of a casus belli for war.
Oil prices also rose, with crude up $2.25, to $93.31 a barrel, after the economy was painted in a more positive light by the consumer spending report.
Israel's move into Gaza and the heightened spat over natural gas between Russia and Ukraine jogged supply concerns and sent crude up $1.04, to $49.85 a barrel.
It might even nudge the cost of crude up a bit.
Oil steadied after its recent plunge, with Brent crude up more than 2% at $60.5 a barrel.
Oil prices had their biggest one-day bounce since 2009 on Thursday, with North Sea Brent and US light crude up by more than 10%.
Similar(41)
Gold has climbed around 6% for the quarter, with crude oil up around 4.5% amid growing tensions with Iran.
He said the government was now budgeting with an average price of $27.50 a barrel for Russia's Urals crude oil, up from $22 a barrel.
Operationally, Yukos's goals remain intact: production targets for 2004 stand at 90 million tons of crude oil, up from 81 million to 82 million in 2003.
The lighter the oil, the more evaporation: half or more of light crudes can evaporate; medium crudes, up to 40 percent evaporate; heavy crudes as low as 10 percent.
Energy also benefitted with crude oil up 3.9% to $77 a barrel.
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