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Oil near $143 on Israel-Iran tensions Jane Merriman Oil rose more than $2 a barrel on Monday towards a new record high of $143, propelled by heightened tensions between Israel and Iran over Tehran's nuclear program. A fall in the U.S. dollar to three-week lows versus the euro helped boost the market. U.S. light crude was up $2.42 at $142.63 a barrel by 5:29 a.m. EDT, within reach of the record $142.99 struck on Friday. London Brent crude was up $2.39 cents to $142.70. "The U.S. dollar is down and there are many high-level geopolitical news items, particularly in the Middle East, that are pushing prices up," said Mark Pervan, a senior commodities analyst at the Australian & New Zealand (ANZ) Bank in Melbourne. Iran's Revolutionary Guards have said Iran would impose controls on shipping in the Persian Gulf and Strait of Hormuz if it were attacked. The Strait of Hormuz, a narrow waterway separating Iran from the Arabian Peninsula, accounts for roughly 40 percent of the world's traded oil flows. Iran's foreign minister said on Sunday he did not believe Israel was in a position to attack his country over its nuclear program.
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