Oil tumbles on reports of Iran sanction delay

NEW YORK (AP) ? Oil prices dropped below the $100-per-barrel mark Thursday for the first time this year on rumors that Europe will delay an embargo of Iranian oil.

Benchmark crude plunged from $101a barrel to $99 in just eight minutes. Prices ended the day down $1.77 at $99.10 per barrel in New York.

Bloomberg News reported that the European Union will delay an embargo on Iranian oil imports for six months to allow member countries to find alternative supplies.

The U.S. wants an embargo on Iranian oil to step up pressure on Iran's nuclear program.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-01-12-Oil%20Prices/id-a2dff01d5d09482f8306551e2e0fa8e3

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