Preoccupations about Middle East tensions imperiling supplies pushed up oil futures on Monday as the energy commodity climbed in value for the second consecutive trading session, according to Bloomberg.
The quotation of a spokesman with the foreign ministry in an Irani newspaper stated a ban on the nation's export of crude oil will push up the price to $250 per barrel, which drove prices higher early in the trading session.
"The market is worried about the situation in Iran," analyst and broker Gene McGillian with Tradition Energy in Connecticut told the news service. "The Italians came up with a new austerity budget plan, which seems to boost the euro and oil."
At 1:57 p.m. on Monday, crude oil futures fell 0.15 percent, a 16 cent slip to $109.78 per barrel.
European leaders convening for summits this week will encounter officials from France and the U.K. attempt to get them to support a full embargo on imports of oil from Iran, according to The Financial Times. Though the drive of the meetings is attempting to preserve the integrity of the euro, France is adamant about restrictions of Iran because of the nuclear weapons program it is believed to be assembling, diplomats told the news source.