Oil prices jumped toward $75 a barrel Wednesday after world powers agreed to send Iran back to the United Nations’ Security Council for possible punishment, the Associated Press reports.
The action by the U.N. body, prompted by Iran’s refusal to respond immediately to incentives meant to resolve a dispute over its nuclear program, stirred concerns about what type of punishment Iran might face and how OPEC’s No. 2 supplier would respond.
Light sweet crude for August jumped 69 cents to $74.85 per barrel on the New York Mercantile Exchange, where gasoline futures advanced more than 5 cents to $2.26 a gallon.
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