Oil, Guns, and Iran

A flare-up with Iran has oil prices rising and traders jittery. There may be more turmoil ahead

It's been a dizzying week for the oil markets. Crude prices at the New York Mercantile Exchange have been on an accelerated rise since Iran captured 15 British sailors and marines last week, fueling fears of a disruption in supply from the Middle East. After settling just shy of $64 on Mar. 27, crude futures shot up more than $5 that night to trade above $68 a barrel in electronic trading after rumors of an attack by Iran on U.S. warships. The U.S. military quickly denied the speculation, slicing a few dollars off prices.

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