SINGAPORE – Oil prices jumped to a nine-month high near $105 a barrel Monday in Asia after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country's nuclear program.
Benchmark crude was up $1.50 to $104.74 per barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Earlier in the day, it rose to $105.21, the highest since May. The contract rose 93 cents to settle at $103.24 per barrel in New York on Friday.
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