Oil prices are rising as Iran again threatens to cut off supplies to Europe.

Iranian lawmakers are pushing a plan to stop exporting crude to Europe before the European Union begins an oil embargo this summer. The EU and the U.S. are pressuring Iran because of its nuclear program.

Benchmark U.S. crude rose $1.47 to $98.38 per barrel in New York. Brent crude, used to price foreign oil varieties, rose by 71 cents to $116.64 per barrel in London.

U.S. oil prices fell Monday February 6, 2012 as supplies grew at the important Midwest distribution hub in Cushing, Okla.