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Oil prices spike after Iran seizes yacht

Published: November 30, 2009 4:34 PM
By The Associated Press  MARK WILLIAMS (AP Energy Writer)

Quick ReadOil prices jump on word that Iran has seized British yacht crew in the Persian Gulf

Oil prices jumped Monday after Britian said a racing yacht was seized by Iran in the Persian Gulf and that five U.K. nationals were being held.

Crude quickly climbed $1.23 and settled at $77.28 a barrel on the New York Mercantile Exchange.

The yacht may have strayed inadvertently into Iranian waters when it was stopped last Wednesday, British officials said.

It isn't the first...

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