Crude gains after Obama pressures Iran on nuclear programme

15 March 2013 13:07  [Source: ICIS news]

LONDON (ICIS)--ICE Brent crude oil futures gained more than $1.00/bbl on Friday supported by President Barack Obama’s pledge to use military force against Iran if diplomacy and sanctions fail to prevent Iran's nuclear programme.

By 12:30 GMT, the front-month May ICE Brent contract touched an intra-day high at $110.22/bbl, a gain of $1.26/bbl compared with the previous close. The contract then edged lower to trade around $110.05/bbl.

At the same time, the front-month April NYMEX WTI contract was trading around $93.55/bbl, having touched an intra-day high at $93.69/bbl, a gain of 66 cents/bbl compared with Thursday’s close.

President Barack Obama on Friday said military force remained an option against Iran if sanctions and diplomacy fails to stop Iran from developing its nuclear programme.

By: Kawai Wong
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