23 Jan '12, 10am

Oil prices look set to climb as EU moves closer to Iranian oil sanctions:

Oil prices look set to rise after EU ambassadors reportedly agreed to an embargo on Iranian oil exports beginning 1 July. Today's widely trailed move comprises the final step before foreign ministers can officially sanction the ban at a meeting in Brussels later this afternoon. FURTHER READING GOP mulls tying Keystone approval to payroll tax bill Sir Mervyn King urged to tackle 'carbon bubble' risk "[EU ambassadors] have agreed on Iran sanctions," an anonymous senior EU diplomat told news agency Reuters . It looks likely that countries will not be able to sign new deals with Iran after the cut-off date, but will be able to fulfil existing contracts. Analysts expect the embargo to result in yet more price rises, after crude oil reached an eight-month high earlier this month on the back of encouraging economic figures from the US and escalating tensions between Iran and the ...

Full article: http://www.businessgreen.com/bg/news/2140527/oil-prices-s...

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