Crude oil is rallying today following news that Iran would cut oil transport through the Strait of Hormuz if sanctions against oil exports are enforced.
The fossil fuel is up nearly 1% in morning trading, standing at $101.10 per barrel. Crude oil neared $115 earlier this year, before retreating some 30% this fall. However, after touching lows in October, energy prices have continued to mount heading into the final stretch of 2011.
Oil servicers and drillers are moving moderately on the news, most trading slightly lower:
- Halliburton Company?(NYSE: HAL): Up 1.4% to $34.24
- Nabors Industries?(NYSE: NBR): Down 0.5% to $18.15
- National-Oilwell Varco (NYSE: NOV): Down 0.1% to $68.42
Take a look at the recent increases in crude today:
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