Today.Az » World news » Oil prices up following Iran's bans
20 February 2012 [11:18] - Today.Az
Following Iran’s move to cut oil sales to British and French firms, the price of Brent crude has hit an eight-month high in Asian markets, reaching USD 121.10 per barrel.
The price of Brent North Sea crude for April delivery climbed by USD 1.52, reaching the aforementioned figure on Monday.
"Oil starts the week on an eight-month high as Iran continues its political brinkmanship," said Justin Harper, head of research at IG Markets Singapore.
Iran’s Oil Ministry announced on Sunday that it had cut oil exports to British and French firms in line with the decision to end crude exports to six European states.
The decision by Iran came after European Union foreign ministers agreed to ban oil imports from Iran and freeze the assets of the Iran’s Central Bank across the EU in line with a US-led effort to impose further pressure on the Iranian economy over its civilian nuclear program.
/PressTV/
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