Sunday, August 5, 2012

Global oil prices soar over regional Iran tensions

Global oil prices rise sharply as the effects of sanctions against Iran's oil sector begin to take hold. (File photo)

Source: Press TV

Following the recent fluctuations in the global oil markets, crude prices have rebounded sharply to near USD 109 per barrel over tensions with Iran and as a result of the West's unilateral sanctions against the Iranian oil sector.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for September, jumped USD 4.27 to settle on USD 91.40 a barrel while Brent North Sea crude for delivery in September soared USD 3.04 and reached USD 108.94 a barrel in London deals.

“Iranian sanctions helped build on recent increases in oil prices,” noted Inenco analyst Tom Pering.

He added that “oil has returned to bullish territory and can be expected to trade in a range between USD 105-109 per barrel over the next week”.

The analyst said supply concerns have really taken the forefront of investors' minds as the effects of sanctions [against Iran] and geopolitical issues are beginning to take hold.

Crude prices have been on the rise following unilateral sanctions by the US and European Union on Iran’s energy sector, which aim to force Tehran give up its nuclear energy program.

The West, led by the US, accuses Iran of pursuing military purposes under the cover of its civil nuclear energy program, but Tehran has persistently rejected the accusation.

Iran argues that as a committed member of the International Atomic Energy Agency and a signatory to the Non-Proliferation Treaty, it is entitled to peaceful applications of nuclear energy.

The major oil producer says it has new customers for its oil and that the unilateral sanctions will backfire on the Western countries that have endorsed them.

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