LONDON, Nov 22: The price of oil nosed higher here on Friday, continuing a recent recovery amid speculation of a possible war in Iraq.

The price of benchmark Brent North Sea crude oil for January delivery crept three cents higher to $24.86 a barrel.

In New York, light sweet crude January-dated futures jumped 26 cents to $26.35 a barrel on Thursday.

Norrish said that although most traders believe major disruption to world oil supplies is unlikely because any war would likely be of short duration, a war premium was nonetheless being priced back into the market.—AFP