European Union (EU) foreign ministers will assure Greece on Monday that it will still be able to buy oil on reasonable terms after the introduction of a planned EU ban on Iranian crude, a senior Brussels official said.
Japan pledged to keep cutting purchases of Iranian crude, the clearest public offer of support yet among Asia's big buyers for US efforts to get consumer nations to stop buying Iran's oil.
The expected statement on what terms talks with Iran could be started by major powers Britain, China, France, Germany, Russia and the United States would be the latest signal the diplomatic path remains open to Iran despite tougher sanctions and speculation of a military strike on its nuclear facilities. An ally of Iran's supreme leader called for Israel to be "punished" for killing a nuclear scientist. read Factors Affecting Crude Oil prices january 23 -27 2012
French President Nicolas Sarkozy said that time was running out to avoid a military intervention. He appealed to China and Russia to support new sanctions. Russia and China are veto-wielding UN Security Council members who have been reluctant to back an oil embargo, let alone military force. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today