Iran troubles send oil higher again

Oil prices were up on Tuesday as Iran refused to provide a reply to a set of incentives offered by the European Union and the United States in return for suspension of its nuclear development program.  In addition, the Organization of Petroleum Exporting Countries asked once again for a “demand road map” from consumers and also repeated charges that oil is being taxed unfairly in Europe in relation to other energy sources.

Brent crude for August delivery was up 77 cents to $73.66 per barrel on the International Petroleum Exchange in London, while August contracts for West Texas Intermediate crude was up by 64 cents to $74.25 per barrel in early afternoon trade on the New York Mercantile Exchange.