Oil Prices Rose On News about US Hostages in Iran

Oil prices rose slightly yesterday, after reports that a US citizen is missing in Iran added to fears that the standoff between Iran and the West could escalate into a conflict that would disrupt crude supplies.

Light, sweet crude for May delivery rose 7 cents to settle at $65.94 a barrel on the New York Mercantile Exchange, ending just below a six-month settlement high of $66.03 reached Thursday.

The average US price for gasoline rose for the ninth straight week, according to a government report released yesterday.