Crude oil rises on Iran worry

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Crude oil rises on Iran worry
Crude oil rose $1.45 to trade at $125.07 per barrel, as mounting tensions on Iran's nuclear programme saw a spike in the commodity.

Crude oil rose after IEA reported that Iran failed to co-operate with UN Nuclear officials in Tehran.

There are fears that a rise in crude prices is likely to derail a fragile economic recovery taking place around the world.

The last time crude prices rose to record levels in excess of $140 was followed by an economic recession.

Countries like India and China are particularly vulnerable to sharp increases in crude prices, as these countries export substantial amount of crude.

Read more about: crude oil, recession
Story first published: Saturday, February 25, 2012, 12:32 [IST]
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