Oil price rises on Persian Gulf supply concerns

Oil prices are rising as Iran prepares to consider a ban on crude sales to European Union countries.

Benchmark crude rose 51 cents to $100.21 per barrel Friday morning in New York. Brent crude rose $1.04 to $111.83 per barrel in London.

Iranian leaders plan to debate the ban Sunday in response to EU plans to embargo Iran's oil by summer. Investors are concerned about supply disruptions.

Those concerns overshadowed a new report showing the U.S. economy grew at the fastest pace all year in the fourth quarter, although slightly less than analysts expected.

At the pump, AAA says the national average for a gallon of gasoline is $3.39. That's about 15 cents more than a month ago and nearly 29 cents more than a year ago.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-27-Oil%20Prices/id-f5148a21440f45648cd6e74602286662

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