Oil price stays around $103 a barrel

NEW YORK (AP) — Oil prices were little changed today as traders booked profits after a 4-percent surge at the start of the year.

Benchmark U.S. crude rose 26 cents to finish at $103.22 per barrel in New York. Brent crude rose $1.15 to $113.28 per barrel in London.

Prices jumped Tuesday on concerns that Iran might try to close off the strategic Strait of Hormuz in the Persian Gulf, if the U.S. and other nations impose further economic sanctions because of Iran's nuclear program. One-sixth of the world's oil exports move through the strait. Traders say they're now waiting to see if the situation heats up after Iran's military exercises over the weekend.

"It'll take something big" in Iran to drive prices much higher, analyst and trader Stephen Schork said. "You're going to need to see mines being laid or bullets flying or something."