A precipitous drop in Iran’s currency, the rial, shows that sanctions are cutting “deeper and deeper” into its economy, the United States said on Monday, reiterating Iran must rein in its nuclear program.
Crude prices rose in Asia today after the United States, Britain, France and Germany moved to apply more restrictions and sanctions on Iran over its controversial nuclear programme, analysts said. New York’s main contract, light sweet crude for delivery in November rose 31 cents to USD 92.24 a barrel and Brent North Sea crude for […]
Brent crude rose more than 3 percent on Tuesday, topping $100 a barrel as rising tensions over Iran’s nuclear program sparked oil’s second rally in three sessions after a second-quarter slide.
Oil fell below $84 a barrel Monday in Asia amid waning euphoria over the latest EU plans to tackle the continent’s debt and economic woes. Signs of a slowing Chinese economy also dragged crude down.
Iranian authorities are looking into a suspected cyber-attack at the country’s main oil port but exports haven’t been affected, an oil-industry official said Monday. The possible attack, coming after another similar episode two years ago on Tehran’s nuclear program,
China halved its Iranian crude imports in March compared with a year earlier due to disputes over contract terms, its deepest cut so far this year as Western sanctions complicate Tehran’s oil exports. South Korea cut its imports by 40 percent in March from a year earlier,
Spain’s biggest oil refiner Repsol stopped importing crude fromIran in January, and has replaced most of that supply with oil from Saudi Arabia, a spokesman confirmed on Tuesday. “No crude out of Iran for us since January,” he said shortly after Iran’s energy minister said the increasingly isolated OPEC member had stopped shipping oil to Spain.
Oil climbed over $110 a barrel for the first time since May after an Iranian state-run news channel reported an explosion on a pipeline in Saudi Arabia.
A pipeline that would allow oil from the United Arab Emirates to bypass the Strait of Hormuz separating it from Iran has been delayed because of construction difficulties, two people with knowledge of the matter said.
Oil declined for the first time in seven days as a surge in the European Central Bank’s balance sheet to a record highlighted the growing risks of the region’s debt crisis. Oil declined for the first time in seven days