NEW YORK — Oil prices briefly spiked near $108 per barrel following a report that Iranian oil exports dropped significantly this month.
Iran, the world’s third-largest oil exporter, has been locked in a high-stakes standoff with the West over its nuclear program. The U.S. and Europe, who fear that it is building a weapon, are using financial sanctions to pressure Iran to open its facilities to inspection.
The report said Iran’s shipments have tumbled by 300,000 barrels per day, or 14 percent, in March. That would be a strong sign that the sanctions are starting to impact the country’s oil industry.
Benchmark crude is up $1.77 to $107.12 per barrel in New York. Earlier, prices jumped by $2.59 per barrel in 12 minutes to a daily high of $107.89.