Oil prices rise on Iran-related concerns

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Oil prices rise on Iran-related concerns

By MADLEN READ, AP Business Writer 46 minutes ago

NEW YORK - Oil prices rose Thursday, as traders bought back into the energy markets after a big decline brought on by an unexpected increase in U.S. gasoline and crude oil stockpiles.
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The United Nation's Aug. 31 deadline for
Iran to halt its nuclear program has been keeping futures high, as traders price in the possibility of Iran blocking oil exports.

Light, sweet crude for October delivery rose 60 cents to settle at $72.36 a barrel on the New York Mercantile Exchange. October Brent crude on London's ICE Futures exchange rose 66 cents to settle at $72.68 a barrel.

Oil prices had fallen 1.8 percent Wednesday on weekly
Department of Energy data showing a rise in gasoline stockpiles. Adding to pressure on prices, crude oil and distillate stockpiles — as well as refinery utilization, or runs — were all higher than analysts had forecast. Gasoline and heating oil futures slid on the data..

http://news.yahoo.com/s/ap/20060824/ap_on_bi_ge/oil_prices