Commodities: Crude strikes $106 a barrel

LONDON (ShareCast) - Crude oil futures struck a fresh 9-month high on Wednesday as concern about supply disruptions from Iran fuelled demand. Crude oil for April delivery on the New York Mercantile Exchange settled up 3 cents at $106.28 a barrel, a new 9-month high. Oil prices have risen over $5 in the last five days of consecutive gains. Brent crude rose for a third day to settle at $122.90, the highest in nine months. UN inspectors visiting Iran for the International Atomic Energy Agency said their findings were "disappointing," and no progress has been made. The reports triggered fears that tensions between Iran and the West will escalate. Iran jitters outweighed concern about a slowdown in the global economy, which would reduce oil demand. Among precious metals gold shrugged off a weak start to Wednesday's session to register a $12.80 gain, reaching $1,771.30 an ounce on the Comex division of the New York Mercantile Exchange. That's the highest settlement since mid November (Stuttgart: A0Z24E - news) .