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Iran oil price surpasses $100

25 February 2011 [17:07] - TODAY.AZ
The price of Iran's crude oil has soared to over USD 100 amid recent revolutions and uprisings in North Africa and the Middle East.

In the wake of the revolutions in Egypt and Libya, as well as the uprisings in Bahrain, Yemen, and other Arab states, the price of Iran's crude oil has topped USD 103, Mehr News Agency reports.

Meanwhile, Brent crude, the benchmark in Europe, Africa and the Middle East, sold for USD 110.23 on Thursday.

Analysts believe that if the recent developments in North African and Middle Eastern countries continue, global oil prices will surge to more than the record USD 140.

The Middle East and North Africa hold more than one-third of the world's oil.

Iran holds around 10 percent of global oil reserves. In 2009, Iran's revenue from oil exports reached $69.1 billion, as it produced approximately 3.8 million barrels per day.

Revolutions in North African countries of Egypt and Tunisia have led to the ouster of their despotic rulers earlier this year.

A pro-democracy uprising has now engulfed Libya since Feb 15.

Also in Yemen, mass pro-democracy protest rallies has left scores dead and injured, threatening the rule of its US-baked President Ali Abdullah Saleh.

In Bahrain as well, at least seven people have been killed in 11 consecutive days of popular protests calling for the ouster of the Al-Khalifa dynasty, which has ruled the country for over 200 years.

/Press TV/

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