Global security fear drives up oil price

US OIL prices rose to near $100 a barrel yesterday as analysts said worries over global security issues outweighed weak stateside economic data. Benchmark crude rose 21 cents to $99.74 per barrel.

They said that tensions between Iran and western nations, along with unrest in Syria, Bahrain, Kazakhstan and Iraq, have escalated concerns about potential disruption of oil supplies if the unrest spreads or grows more serious. “Iran might not passively wait for sanctions to be applied and could act unilaterally to embargo supplies,” a report from banking giant JP Morgan said.