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Oil prices pushed up on Iran fears

December 06/2011

( -- Improvements in the global economy and tensions in the Middle East have pushed up the price of oil. In mid-afternoon trading, Brent one-month futures were at USD110.81 a barrel while US light crude traded at USD102.02. Recent US employment data has been better than expected, suggesting increased demand from the world"s largest consumer of oil.

Oil prices pushed up on Iran fears

And Iran, the world"s fourth-largest oil producer, is under pressure from the West over its nuclear programme. Iran produced 4,245,000 barrels of oil a day in 2010, according to BP"s statistical review of world energy. 

On Friday last week, diplomats working at the Iranian embassy in London were expelled. They were ordered to leave by UK Foreign Secretary William Hague after protesters stormed the British embassy in Tehran on Tuesday.

Also last week, the US Senate voted to penalise financial institutions doing business with Iran"s central bank, because of worries over the country"s nuclear programme. And on Sunday, Iran"s official Irna news agency reported it had shot down an unmanned US drone aircraft. The European Union is reportedly considering a ban on Iranian oil exports which may interrupt oil supply to the region.

Tags:brent, naphta, oil.
Category:General News
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