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. Read more »

The European Union’s ban on imports of Iranian crude will drive up oil prices and aggravate market instability, the Islamic Republic said.

The decision by EU foreign ministers to phase out purchases of Iranian oil from July was “hasty” and may lead to “heavy economic loss and damages to the crisis-stricken people of Europe,” the Iranian oil ministry said in a statement on the state-run Fars news agency late yesterday, January 23rd, 2012. Iran’s foreign ministry said the decision “would bear bitter fruit.” Read more »

Oil rose to its highest price since Jan. 12 in New York. Crude for February delivery on the New York Mercantile Exchange gained as much as 78 cents, or 0.8 percent, to $101.49 a barrel and was at $101.40 at 10:19 a.m.Oil rose to its highest price since Jan. 12 in New York. Crude for February delivery on the New York Mercantile Exchange gained as much as 78 cents, or 0.8 percent, to $101.49 a barrel and was at $101.40 at 10:19 a.m.

Oil prices surged 4% Tuesday January 3, 2012, fueled by continued anxiety over Iran's growing threat to shut down the Strait of Hormuz after the Iranian military launched a missile test.

"It's mostly about Iran right now," said Peter Beutel, analyst with energy risk management firm Cameron Hanover. "That's the most bullish factor."

Oil prices jumped 4.2% to settle at $102.96 a barrel. That's the highest closing price since May 10, when prices ended the day at $103.88 a barrel. Read more »