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Gulf States Ready to Offset Potential Loss of Iranian Oil: AP; Crude Futures Move North

Light, sweet crude oil for February delivery has jumped $0.12 to $101.46 in the past few minutes as the Associated Press reports a senior Saudi oil official as saying that the Gulf Arab nations are prepared to offset any potential loss of Iranian oil in the world market, as Iranian officials stepped up their rhetoric about shutting off a key supply route.

According to the report, Iran's vice president said yesterday that his country was ready to close the Strait of Hormuz - a vital waterway through which a sixth of the world's oil flows - if Western nations impose sanctions on its oil shipments.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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