Crude gains more than $1/bbl on EU ban on Iranian oil

23 January 2012 12:15  [Source: ICIS news]

LONDON (ICIS)--Crude prices gained more than $1/bbl on Monday to take Brent crude on ICE Futures close to $111/bbl after EU foreign ministers agreed to a ban on the import, purchase and transport of Iranian crude oil and petroleum products.

By 12:00 GMT, March Brent crude had hit a high of $110.90/bbl, a gain of $1.04/bbl from Friday’s close of $109.86/bbl, before easing back to around $110.70/bbl.

At the same time, March NYMEX light sweet crude futures were trading around $99.25/bbl, having hit a high of $99.40/bbl, a gain of $1.07/bbl from the previous close of $98.33/bbl.

By: Tony Dillon
+44 20 8652 3214

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