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Politics : Foreign Affairs Discussion Group

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To: geode00 who wrote (225257)	3/27/2007 10:20:30 PM
From: stockman_scott	Read Replies (1) of 281500

Oil spikes $5 on rumors of Iran attack ______________________________________________________________ After-hours contract briefly jumps 8 percent on rumors that Iran fired on U.S. warships; navy denies story, crude falls from highs. March 27 2007: 6:52 PM EDT NEW YORK (CNNMoney.com) -- U.S. crude futures briefly spiked over $5 a barrel in electronic trading late Tuesday on rumors that Iran fired on U.S. Navy warships. Crude gave up most of those gains according to one trader after reports of a confrontation were denied. U.S. light crude for May delivery jumped $5.18, or about 8 percent, to $68.91 a barrel in electronic trading before giving back most of those gains to trade at $64.40 a barrel, $1.47 above Tuesday's settle price on the New York Mercantile Exchange. "We have no information at this time that an incident has taken place in the Gulf," Gordon Johndroe, a spokesman for the National Security Council, said about reports of a confrontation between Iran and U.S. Navy warships. money.cnn.com

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