Oil markets edgy over Iran position

IRAN’S uncompromising stance on developing a nuclear capability continues to keep oil markets on edge.

As a result New York’s main contract, light sweet crude for delivery in February, jumped $0.71 (e0.59) to $64.65 (€53.04) per barrel in electronic dealing.

On Wednesday it hit $64.80 (€53.53) in open trading, still short of the $70pb (€57.83) hit last year after Hurricane Katrina and other global setbacks deepened fears about oil and gas availability.