Seven Percent in Five Minutes – Oil Prices Spike
March 28th, 2007 by Stephen RomanFT reports on the massive spike:
Escalating geopolitical tensions and tightening supply caused a jump in oil prices Wednesday, taking US crude futures to a six-month high.
The initial spike was dramatic. Traders said the oil price jumped $5 a barrel – more than 7 per cent – in just seven minutes shortly after the close of US trade on Tuesday, caused by rumours that Iran had fired a missile at a US warship in the Persian Gulf.
Posted: March 28th, 2007 under General, oil.
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