Oil prices saw a marginal increase in prices on reports of a U.S. citizen missing in Iranhas compounded fears that the standoff between Iran and the West could escalate into a conflict that would disrupt crude supplies. Light, sweet crude for May delivery rose 7 cents to settle at $65.94 a barrel on Nymex. Oil prices rebounded and settled below US$66 a barrel, after Iran's chief international negotiator called for an end to "the language of force" in the dispute over the 15 British sailors and marines captured in contested waters of the Persian Gulf. It is reported that Iran has decided not to put the crew (being held captive for 11 days) on trial. Brent crude for May on London's ICE Futures exchange settled at settle at US$68.74 a barrel, after surging as high as $69.58 a barrel.
Iran is located along the Strait of Hormuz, through which tankers ship about 17 million bpd of crude oil, almost two-fifths of the world's crude oil traded by tanker, and about one-fifth of total oil production.
03-Apr-07 
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