Oil rises to close above $71 a barrel amidst tensions with Iran
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Oil prices rebounded Monday from early declines to settle above $71 for the first time in 10 months as traders focused on a refinery outage in Kansas and new accusations about Iran's role in Lebanon and Iraq.
Also supporting prices on Monday was an accusation by the US military that Iranian forces helped plan a January raid on a government building in Iraq, in which five American soldiers were killed. Iran was also accused of using Hizbullah as a ''proxy'' to arm Shiite militants in Iraq. Geopolitical events support oil prices because of the possible supply disruptions that could result if words escalate into violence. (AP)
