Oil Rose 1 percent on Iran-British Conflict

Oil rose from a 6 month high after Iran refused to free British hostages, adding to concern that strained relations with the U.K. and U.S. may disrupt supplies.

Crude oil for May delivery rose as much as 68 cents, or 1 percent, to $66.71 a barrel in after-hours electronic trading on the New York Mercantile Exchange. The contract traded at $66.70 at 12:22 p.m. in Singapore. Yesterday, the contract rose 3 percent to $66.03, the highest close since Sept. 8.

The naval seizure is the latest episode in worsening relations between Iran and the U.S. and European nations. Iran faces additional United Nations sanctions over its refusal to end uranium enrichment, which the U.S. alleges is for weapons. The U.S. military has arrested suspected Iranian agents in Iraq.