Brent crude price soars on Iran decision

Following Iran’s move to cut oil sales to British and French firms, the price of Brent crude has hit an eight-month high in Asian markets, reaching USD 121.10 per barrel. The price of Brent North Sea crude for April delivery climbed by USD 1.52, reaching the aforementioned figure on Monday. Iran’s Oil Ministry announced on Sunday that it had cut oil exports to British and French firms in line with the decision to end crude exports to six European states. The decision by Iran came after European Union foreign ministers agreed to ban oil imports from Iran and freeze the assets of the Iran’s Central Bank across the EU in line with a US-led effort to impose further pressure on the Iranian economy over its civilian nuclear program. The anti-Iran sanctions, however, are to take effect on July 1, 2012, offering EU member states enough time to adjust to new conditions and gain access to alternative crude oil supplies.