Oil rose as Iran said on Feb. 15 it was cutting crude shipments to France and the Netherlands.

 

In Asian trade on February 17, Brent crude was traded at above USD 120 per barrel.

 

Global crude prices have hit the $ 120 mark following a report about Iran’s contingency plan to cut oil exports to six European countries.

 

In Friday’s Asian trade, Brent crude was traded above USD 120 per barrel and the US light sweet crude rose to over USD 102 a barrel.

 

The price hike came on the heels of a Press TV report on Wednesday about Iran’s warning to cut oil exports to six European countries including the Netherlands, Spain, Italy, France, Greece and Portugal, unless European companies agree to strike long-term agreements and guarantee their payments.

 

Iran emphasized that it will only sell oil to those European companies that agree to strike long-term agreements and guarantee payment.

 

On January 23, EU foreign ministers approved sanctions against Iran, including a ban on Iranian oil imports, a freeze on the assets of the country’s Central Bank within EU states and a ban on selling diamonds, gold, and other precious metals to Tehran.

 

Earlier on the New Year’s Eve, the United States imposed fresh sanctions against Iran, aimed at preventing other countries from importing Iran’s oil and doing transactions with its central bank.
 

(Source: agencies)