×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Oil prices hit 2007 high on Iran tensions

Oil prices hit 2007 high on Iran tensions
Comment E-mail Print Share
First Published: Mon, Mar 26 2007. 06 28 PM IST
Updated: Mon, Mar 26 2007. 06 28 PM IST
AFP
London: World oil prices struck the highest points so far in 2007, nearing $64 a barrel in London on 26 March as the market fretted over rising tensions in major crude producer Iran, traders said.
In London, the price of Brent North Sea crude for May delivery rose 75 cents to $63.93 a barrel. It had earlier struck $63.97 — the highest point since 6 December.
New York’s main oil futures contract, light sweet crude for delivery in May, gained 64 cents to $62.92 after a peak of $62.96.
Iran, the world’s fourth-biggest producer of oil, said on 25 March it will restrict its cooperation with the UN nuclear watchdog in retaliation for fresh Security Council sanctions over its disputed atomic programme.
The United Nations Security Council voted unanimously on 24 March to impose the sanctions in a bid to pressure Iran into freezing its uranium enrichment programme.
The decision followed word on 23 March that Iran had seized 15 British personnel in the Gulf, a move which roiled the market.
Comment E-mail Print Share
First Published: Mon, Mar 26 2007. 06 28 PM IST
More Topics: Money Matters | Global Markets |