Oil prices rise US$1, easing back from their spike on Iran attack rumor The Associated Press Published: March 28, 2007
Oil prices rose by more than US$1 a barrel Wednesday but were still below an earlier spike of more than US$5 a barrel on rumors that Iran had fired a missile at a U.S. ship in the Persian Gulf.
The U.S. military denied the reports. Still, rumors about a military confrontation spurred panic buying in after-hours trading Tuesday, sending oil prices above US$68 in a matter of minutes. Rising tensions between Iran and the West have created a potentially dangerous situation in the Gulf and markets are jumpy.
On the other hand: "Upside breakout from inverse head and ashoulders chart formation suggests potential upside projection to $70 over next several weeks."