Oil Prices Up Amid Iran Tensions

Source: Alex Kennedy / AP / ABC News

Oil hovered below $102 a barrel Thursday in Asia amid conflicting reports about whether Iran is cutting crude exports to Europe.

Benchmark crude was down 29 cents at $101.51 per barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.06 to settle at $101.80 per barrel in New York on Wednesday.

Brent crude was down 36 cenets to $118.57 per barrel in London.

Iran’s state media reported early Wednesday that the country was taking steps to cut off oil exports to six European countries ahead of a European embargo on Iranian oil coming into effect. Later Wednesday, state TV quoted a Foreign Ministry spokesman saying crude oil exports to Europe have not yet been cut.

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