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TCCIM-- Brent crude prices have climbed to $106 per barrel as consequences of US and European embargos against Iranian oil sector continue to reverberate.
The latest oil price hike transpired during Friday trading in European markets as Brent crude futures for September rose by 70 cents to $105.92 per barrel after surging to a high of $106.41, up by $1.15.
Meanwhile, US light crude futures were reported up 30 cents to $89.69 per barrel.
The higher oil prices on Friday came despite generally stronger financial markets, with hikes in stock markets reported in Europe and Asia.
On January 23, under pressure from the United States, EU foreign ministers approved sanctions against Iran's oil and financial sectors, banning the imports of Iranian oil and crude products by the bloc’s member states and halting transactions with the Iranian central bank.
The EU measure followed a US decision on New Year’s Eve to impose new sanctions on Iran. The US sanctions called on other countries to either refrain from importing Iranian oil, or brace for Washington’s punishments.
(Press TV)
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