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Sunday, January 29, 2012

how high oil prices on february 2012

how high oil prices on february 2012 ; Benchmark Brent crude prices rose to around $111.50 a barrel on Friday on expectations Iran's parliament will vote to halt exports to the European Union as early as next week in retaliation for EU plans to stop all Iranian crude imports by July.

Escalating tensions between Iran and Western allies over Tehran's nuclear programme, including Iranian threats to close the vital Straits of Hormuz, have helped push up Brent crude prices by about $8 a barrel since mid December.

Iran's parliament is due to debate a bill this week that would cut off oil supplies to the EU in a matter of days, in response to a decision last Monday by the 27 EU member states to stop importing crude from Iran as of July. read effect European Union Iran sanctions on oil prices 2012

The EU banned imports of oil from Iran on Monday and imposed a number of other economic sanctions, joining the United States in a new round of measures aimed at hindering Tehran's nuclear development programme.

Oil prices could rise as high as $150 a barrel because of the European Union ban on imports of Iranian crude, Although a precise prediction cannot be made on oil prices, it seems we will witness a $120 to $150 oil price per barrel in future. For the latest updates on the stock market, visit Stock Market Today

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