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Oil prices
-- which rose above $100 a barrel Wednesday -- have been nudged higher this week on Western naval buildups in the Persian Gulf and Iran's threats to close the oil tanker lanes through the Strait of Hormuz, the route for about one-fifth of the world's crude. The EU embargo announced Monday is the latest attempt to try to pressure Iran, the world's third-largest oil exporter, over a nuclear program the United States and its allies argue is aimed at developing nuclear weapons but which Iran says is for purely peaceful purposes. In other energy futures trading, heating oil fell 0.4 cent to $3.04 per gallon and gasoline futures were up 0.2 cent at $2.85 per gallon. Natural gas was down 0.8 cent at $2.60 per 1,000 cubic feet.
[Associated
Press;
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