Friday, January 18th | 12 Shevat 5779

January 23, 2012 5:50 pm

Following New EU Sanctions on Iran, Oil Prices Rise

avatar by News Editor

Email a copy of "Following New EU Sanctions on Iran, Oil Prices Rise" to a friend

Shell Puget Sound Refinery in Washington state. Photo: wiki commons.

Sydney Morning Herald – Oil rose for the first time in four days after the European Union agreed to ban crude imports from Iran, raising concern that retaliation from the Islamic Republic may disrupt oil supply from the Middle East.

Futures gained as much as 1.6 per cent as the 27-nation bloc said it would implement the crude embargo starting July 1 to pressure the country over its nuclear program. Iran has threatened to close the Strait of Hormuz, the transit point for about a fifth of global oil, if its exports are banned.

Read full story.

Share this Story: Share On Facebook Share On Twitter Email This Article

Let your voice be heard!

Join the Algemeiner