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After EU agrees to Iran embargo price of oil rises
by Joseph Earnest January 23, 2012
Newscast Media HOUSTON, Texas — In an effort to curb Iran's nuclear program, the European Union agreed to place an embargo against crude oil exports from Iran, to prevent the country from funding its nuclear ambitions. In early London deals, Brent North Sea crude for delivery in March climbed 56 cents to $110.42 a barrel. New York's main contract, West Texas Intermediate crude for March, edged up five cents to $98.38 a barrel.
After talks held in Brussels on Monday amongst dignitaries of 27 EU nations, a diplomat speaking on condition of anonymity said: "There is a political agreement on an oil embargo."
China
is opposed to any kind of sanctions and has said: "Iran is also an extremely big oil supplier to China, and we hope that
China's oil imports won't be affected, because this is needed for our
development," Chinese Vice Foreign Minister Zhai Jun told a news
conference in answer to a question about whether Beijing could curtail
crude from Iran under US pressure.
The deal is to be formally approved by EU foreign ministers meeting and comes as the United States and allied nations accuse Iran of developing an atomic bomb. Tehran insists its nuclear program is exclusively for peaceful, civilian use.
The embargo meanwhile provides for an immediate ban on importing Iranian crude and a gradual phase-out of existing contracts between now and July 1. Greece's dependence on Iranian oil had been holding up an accord on the timing and conditions of the embargo as the financially strapped nation relies on Iran for more than a third of its crude.
Iran sells around 20 percent of its crude to EU nations, with Greece, Spain and Italy the top buyers.
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