Crude Rises, Gas is Lower

July 21, 2008 10:47:25 AM PDT
Oil prices have risen today on concerns that potential new sanctions against Iran may escalate tensions in the Middle East. Traders are also keeping an eye on a tropical storm brewing in the Gulf of Mexico. Light, sweet crude for August delivery was up $1.52 to $130.40 a barrel in electronic trading on the New York Mercantile Exchange.

For drivers in the U.S., pump prices eased by a few cents following last week's spectacular drop in oil prices. A gallon of regular gasoline now sells for an average just shy of $4.07. That's according to AAA, the Oil Price Information Service and Wright Express.