Crude rises on mounting tensions between Iran and the west

19 March 2012 15:44  [Source: ICIS news]

LONDON (ICIS)--The front-month April NYMEX WTI contract gained more than $1.00/bbl on Monday as tensions between Iran and the west overrode the influence of higher production from Saudi Arabia and Libya.

By 14:50 GMT, the April WTI contract reached an intra-day high of $108.09/bbl, a gain of $1.03/bbl compared with the settlement on Friday. The contract subsequently edged lower to around $108.03/bbl.

At the same time, the front-month May ICE Brent contract was trading at around $125.82/bbl, having touched an intra-day high at $126.05/bbl, a gain of 24 cents/bbl compared with Friday's settlement.

On Sunday, UK Foreign Secretary William Hague expressed concern that Iran had blocked the website “UK for Iranians” on 17 March.

"I condemn this action by the Iranian Government. ‘UK for Iranians’ was launched to reach out to Iranians, explaining, discussing end engaging with them on UK policy,” said Hague

The increased tension between the west and Iran helped push up crude oil prices, while the higher production from Saudi Arabia and Libya exerted downward pressure.

By: Kawai Wong
+44 20 8652 3214

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