The price of a barrel of Brent crude oil headed back to $118 a barrel in early trading on Tuesday after falling nearly 3 percent yesterday as talks over Iran’s nuclear program with the US and five other world powers were described as constructive by the EU’s foreign policy chief.
Latest Brent Oil Price
In London, Brent crude oil futures for May 2012 delivery was trading at $118.01 a barrel, 07.59 GMT today on the ICE Futures Exchange.
Inadequate – More Sanctions Needed
However, US lawmakers on Monday pushed for more sanctions against Iran after talks between Tehran and global powers failed to stop Iran from developing its nuclear program.
“The United States should not mistake positive diplomatic dialogue for compliance with United Nations Security Council resolutions,” said a spokesman for Republican Senator Mark Kirk.
Kirk and several other U.S. legislators have been pressuring the White House to get tougher on Iran and are pushing for a range of additional penalties that would further isolate Iran and prevent it from trading with the rest of the world.
President Barack Obama warned on Sunday there would be more sanctions imposed on Iran if there was no breakthrough in talks in coming months.
Iran’s foreign minister said Tehran was ready to resolve nuclear issues if the West starts lifting sanctions.
Iran and the group of world powers, which comprises the five permanent members of the UN Security Council – the US, Russia, China, France and Britain – plus Germany, have agreed to reconvene talks in Baghdad May 23.
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Brent oil price heads back to $118 a barrel as Iran talks continue
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