The price of oil and other fuels on the European market could increase in coming weeks following a European Union decision to impose a crude-oil embargo on Iran, the TASR newswire reported.

 

“Prices increase due to expected increases in demand and a smaller volume of oil in circulation,” said Michaela Jacová, an analyst on the Energia.sk website, as quoted by TASR.

 

The EU imposed a crude-oil embargo on Iran on January 23. Though the embargo bans all new oil contracts with Iran, it still gives some countries up to six months to find alternative oil suppliers. This could, Jacová said, delay a price hike in Slovakia.
 

Sources: (TASR)