Gulf Strife Sends Oil Prices Up
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NEW YORK — Oil prices shot above $22 a barrel Monday in a gusher of nervous buying that analysts said was inspired more by headlines than economics.
Following bloody weekend clashes between Iranian pilgrims and Saudi Arabian police and renewed anti-American threats from Iran, oil prices jumped sharply when trading opened on the New York Mercantile Exchange.
Prices gave back some ground later in the session.
Contracts for September delivery of West Texas Intermediate, the bellwether U.S. crude oil, settled at $22.16 per 42-gallon barrel, up 79 cents from Friday’s close.
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