Price of Oil Rises as Iran Cuts Exports

It was feared the fight with Iran over its nuclear program might affect energy prices and now it appears it has.

FOX News Radio White House Correspondent Mike Majchrowitz reports:

In retalliation for sanctions over its nuclear program, Iran announced it will halt oil shipments to France and Britain.

A move likely to have little direct impact on either of those countries, but it did drive oil prices to a nine month high, above $105 a barrel.

This as gas prices in the U.S. were already going up, 19 cents in the last month.

(Ash) “We’re 40 cents higher than we were last year. That means we have the highest gas prices ever for this time of year.”

AAA’s Avery Ash says the price of oil is not the only determining factor in gas prices, but it is a big indicator.

In Washington, Mike Majchrowitz, FOX News Radio