Tension in the Middle East with challenges to oil-rich Iran's nuclear program and Syrian government efforts to quash demonstrations and civil uprisings also have pushed up the price of crude. Thus far this month, the energy commodity has gained roughly 8.6 percent. Iran, the second largest of the member nations of the Organization of Petroleum Exporting Countries, is seeing sanctions tighten in response to what it claims is a program to develop nuclear energy.
"Oil prices will run up further as U.S. economic data remains supportive, and Iran and Syria continue to give cause for supply-side worries," senior broker Christopher Bellew with Jefferies Bache in London told Bloomberg.
At 8:23 a.m. on Wednesday, crude oil futures climbed 0.77 percent, a 94 cent lift to $122.49 per barrel.
Reuters reports concerns about the disruption of the flow of the energy commodity from Iran are pushing up the price of oil toward its highest value in 10 months.
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