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8B Daily News – Tuesday, February 21, 2012 Oil jumps to 9-month high after Iran cuts supply (AP) —Oil prices jumped to a nine-month high above $105 a barrel on Monday after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern coun- try's nuclear program. By Monday afternoon, benchmark March crude was up $2.02 to $105.26 per barrel in electronic trading on the New York Mercantile Exchange, the highest since May. The contract rose 93 cents to settle at $103.24 per barrel in New York on Fri- day. Iran's announcement will likely have minimal impact on supplies, analysts said, because only about 3 percent of France's oil con- sumption is from Iranian sources. Britain had not imported oil from the Islam- ic republic in six months. ''The price rise is more a reflection of concerns about the further escalation in ten- sions between Iran and the West,'' said commodity ana- lyst Caroline Bain of the Economist Intelligence Unit. ''Banning the tiny quantities of exports to the U.K. and France involves very little risk for Iran — indeed quite the opposite, it catches the headlines and leads to a higher global oil price, which is something Iran is very keen to encour- age.'' Markets in the United States are closed Monday for the Presidents Day holi- day. Iran's oil ministry said Sunday it stopped crude shipments to British and French companies in an apparent pre-emptive blow against the European Union after the bloc imposed sanc- 442 Walnut St., Red Bluff Check out our selection of Dayspring Easter, First Communion, Confirmation Cards. Lenten studies soon! 530-527-7663 All 20% off! Order your Auto Recycling Inc. *WILL PAY CASH FOR JUNK CARS* Quality Used Parts for Less 824-2880 10 ACRES OF INVENTORY Highway 99W & Capay Road (Halfway between Corning & Orland) 22521 Capay Road, Corning CA. 96021 Mon-Fri 8am-5pm • Sat. 9am-2pm All Star • DOMESTIC • FOREIGN • PICK-UPS tions on Iran's crucial fuel exports. They include a freeze of the country's cen- tral bank assets and an oil embargo set to begin in July. Iran's Oil Minister Ros- tam Qassemi had warned earlier this month that Tehran could cut off oil exports to ''hostile'' Euro- pean nations. The 27-nation EU accounts for about 18 percent of Iran's oil exports. Tehran also is consider- ing extending the embargo to other European countries, a semiofficial Iranian news agency reported Monday. The head of Iran's state oil company Ahmad Qale- IT'S TAX SEASON! WHY NOT INVEST IN SOMETHING THAT WILL LAST A LIFETIME! $$$ 648 Main St. Downtown Red Bluff Through the Newspapers in Education program, area classrooms receive the Red Bluff Daily News every day thanks to the generosity of these local businesses & individuals. THANK YOU FOR SUPPORTING NEWS DAILY RED BLUFF E VOICE OF TEHA M A C O U N T Y S I N C E 1 8 8 5 NEWSPAPERS TEHAMACOUNTY Mon-Fri: 9am - 7pm Sat: 9am - 5pm Sun: Closed En Español 26 Sale Lane, Red Bluff (530) 529-2192 www.Claytonredbluff.com $48,505 3 bedroom, 2 bath Singlewide: Includes home, set-up, delivery, X12 foundation, gravel pad, A/C, skirting and steps TATTOO (530) 528-8288 FIRST LOVE hbani was quoted by the Mehr agency as saying that the country would stop sell- ing crude to nations who take action against Tehran. The EU sanctions, along with other punitive mea- sures imposed by the U.S., are part of Western efforts to derail Iran's disputed nuclear program, which the West fears is aimed at devel- oping atomic weapons. Iran denies the charges, and says its program is for peaceful purposes. 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