U.S. and EU officials met earlier this week to discuss measures to reduce Iran's oil revenue in light of its nuclear ambitions. France and the U.K. are pushing for an EU embargo on Iranian oil as soon as next month. Earlier this month a report that Iran, the world's No. 3 crude exporter, had closed the Strait of Hormuz caused a $2 spike in crude prices within minutes. Presently: +0.1% to $98.78.