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Energy trader Blue Ocean Brokerage said oil prices would likely eventually jump by about $50 if Iran, OPEC's second-biggest crude exporter, tried to close the strait. "Let's start with an easy $20 spike, then add in a risk premium for insurance costs, delays, costs to push oil through alternative routes and the obvious loss of 3.5 million barrels a day from Iran," energy trader Blue Ocean Brokerage said in a report. Trading volume was low this week as many investors take vacations around the Christmas and New Year's Day holidays. In other Nymex trading, heating oil rose 0.7 cents to $2.93 per gallon and gasoline futures gained 0.7 cents at $2.68 per gallon. Natural gas futures were down 1.2 cents to $3.02 per 1,000 cubic feet.
[Associated
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