Business News
OPEC oil starts year with price jump
Jan 4, 2012, 9:35 GMT
Vienna - The oil price of the Organization of the Petroleum Exporting Countries (OPEC) rose by 2.56 dollars on the first day of trading in the new year, the group said Wednesday.
OPEC oil jumped to 109.40 dollars per barrel (159 litres) on Tuesday, amid earlier threats by Iran that it could retaliate against new sanctions by closing the Strait of Hormuz, a key traffic route for oil from the Persian Gulf.
OPEC's five biggest oil producers are located along the Gulf: Saudia Arabia, Iran, Iraq, Kuwait and the United Arab Emirates.
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