Oil Approaches $65 a Barrel on Concerns Over Iran's Ouput

January 12, 2006 11:00 AM, EST

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rude oil approached a three-month high Thursday, approaching $65 a barrel, in part on concerns about Iranian oil output, Bloomberg reported.

Benchmark light, sweet crude oil rose 68 cents to $64.62 a barrel on the New York Mercantile Exchange in early trading Thursday, Bloomberg said.

Oil prices were below $60 a barrel for most of November and December. They hit an all-time record $70.85 Aug. 30 following Hurricane Katrina.

The rise was based in part on speculation that Iran's nuclear energy program would trigger United Nations sanctions, depriving Iran the technology it needs to pump more crude, Bloomberg said.

Iran is the world’s fourth-largest oil producer and the second-largest oil producer in OPEC behind Saudi Arabia, Bloomberg said.

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