Oil price climbs as Norwegian strike looms

NEW YORK (AP) — The price of oil is climbing as Norway prepares for a shutdown of its North Sea crude production.

Norway's oil industry, which produces more than 3.8 million barrels of oil and natural gas per day, says platforms will switch off after 8 p.m. EDT today due to a strike by offshore oil workers over retirement benefits. The government still may intervene to keep oil and gas flowing.

A shutdown would seriously impact European oil supplies, cutting off a major source of crude as the European Union officially begins an embargo of Iranian oil. Norway exports most of its crude to the United Kingdom, the Netherlands, France and Germany. The U.S. also imports a small amount of oil from Norway.

Benchmark U.S. crude rose 87 cents to $85.32 per barrel in New York. Brent crude, which comes from the North Sea and sets the price for oil imported into the U.S., added $1.13 to $99.32 per barrel in London.