Oil prices settled Monday at their highest level so far this year on tensions between Iran and the West following Tehran's detention of British naval personnel. Gasoline futures prices climbed above $2 a gallon to their highest level since last September as a new driving season nears.
Oil traders worried that an escalation in the conflict could cut Persian Gulf oil exports.
On the New York Mercantile Exchange, light, sweet crude for May delivery rose 63 cents to settle at $62.91 a barrel, the highest settlement for the front-month contract since Dec. 20. Earlier, the contract rose as high as $63.30 a barrel.
Oh to be a Central Banker now that inflationary pressures are increasing during an economic slowdown....