Crude down with Iran fears

After gains early in the day on Thursday, crude oil prices fell again. The initial price hikes came as Iran seemed set to ignore a United Nations deadline for abandoning its uranium enrichment program, but most traders came to the conclusion that oil will not likely be used as leverage in any resulting conflict.

Brent crude October contracts were 33 cents lower to $69.85 per barrel by late afternoon in London after having gone over $71 per barrel earlier. October delivery West Texas Intermediate was down by 18 cents to $69.85 per barrel in early afternoon trade on the New York Mercantile Exchange.