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Europe implemented a ban on buying Iranian crude July 1 and Iran responded by conducting war games exercises that included test-firing several ballistic missiles. The U.S. and Israel have not ruled out a military strike on Iran's nuclear facilities. Several rounds of negotiations this year have failed to yield an agreement over Iran's development of nuclear power. "The upside to oil prices based on Iranian threats cannot be underestimated," Schork said. In other energy prices, heating oil was steady at $2.73 per gallon while gasoline futures were little changed at $2.71 per gallon. Natural gas gained 2 cents at $2.93 per 1,000 cubic feet.
[Associated
Press;
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