Crude Oil Tops $69 a Barrel on Iran Concerns

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rude oil futures closed at more than $69 a barrel for the first time this year, the highest price since Sept. 1 following Hurricane Katrina, Bloomberg reported.

The rise was pushed in part by concerns over Iran’s announcement that it has enriched enough uranium to fuel a reactor, Bloomberg said. Iran is OPEC’s second-largest oil producer behind Saudi Arabia.

Benchmark light sweet crude futures closed at $69.32 on the New York Mercantile Exchange — almost $9 over the $60.42 closing price just four weeks ago on March 20. The Nymex will be closed Friday in observance of Good Friday.

The closing price was topped only by the $69.47 closing price Sept. 1 and the record closing price of $69.81 on Aug. 30, immediately following Katrina’s landfall.

Futures touched a record $70.85 in intraday trading Aug. 30; they had reached as high as $69.60 in intraday trading Wednesday, Bloomberg reported.

Retail fuel prices have also spiked in recent weeks, leading to concerns of record prices this summer for diesel and gasoline, news reports said.