Iran, the world's third-largest oil exporter, has been locked in a high-stakes standoff with the West over its nuclear program.
The U.S. and Europe, which say they fear Iran is building a nuclear weapon, are using financial sanctions to pressure Tehran to open its facilities to inspection.
The report said Iran's shipments have tumbled by 300,000 barrels a day, or 14 per cent, so far in March. That would be a strong sign that the sanctions are starting to impact the country's oil industry.
Benchmark crude was up $1.77 to $107.12 per barrel in New York. Earlier, prices jumped by $2.59 per barrel in 12 minutes to a daily high of $107.89.
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