Oil, Gasoline Prices Move Higher

New York, NY, Feb. 20, 2012 -- Oil prices rose to a nine-month high above $105 a barrel on Monday after Iran said it halted crude exports to Britain and France in a dispute over the Iran's nuclear program.

Meanwhile, gasoline prices have reached $3.53 a gallon, up $0.25 since Jan. 1. Some experts are predicting they could reach a record $4.25 a gallon by late April. It's the highest price for gasoline ever recorded at this time of year, ahead of the summer travel season.

By early afternoon in Europe, benchmark March crude was up $1.91 to $105.15 per barrel in electronic trading on the New York Mercantile Exchange. Earlier in the day, it rose to $105.21, the highest since May. The contract rose $0.93 to settle at $103.24 per barrel in New York on Friday.

Iran said Sunday it stopped crude shipments to British and French companies in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran's fuel exports.