Oil prices rose slightly Monday after the EU slapped an embargo on Iran crude exports as part of tough new sanctions aimed at halting its nuclear program Tehran from the funds in dispute.
New York’s main contract, West Texas intermediate crude for February delivery gained $ 1.25 to US $ US per barrel after 99.58 widely expected the embargo was announced.
In London Brent North Sea crude for March rose 72 cents to US $ 110.58 USD per barrel.
After weeks of talks, the European Union Monday agreed to ban oil imports from Iran as part of an effort by the United States to pressure Tehran to halt a suspected nuclear weapons program. Tehran denies seeking nuclear weapons.
The EU also froze the assets of the central bank of the State “while ensuring that legitimate trade may continue under the circumstances.”