Brent crude oil price shot higher in trading on Friday beating stock market gains and the commodity could well push higher next week if traders react to Iranian warships that have been dispatched to US maritime borders in the Persian Gulf, Fars News Agency reports.
Latest Brent Oil Price
European Brent oil futures for March 2014 delivery closed Friday’s session at $109.25 per barrel on the ICE Futures Exchange, or 2.3 percent higher on the day.
Maritime Border Disputes
Yesterday Fars News Agency reported that ships from the Iranian army’s naval fleet are headed towards the United States maritime borders as part of a long standing protest against US vessels in the Persian Gulf.
The ships are reported to be carrying about 30 navy academy cadets for training along with their regular crews. They are on a three month mission. Correspondents say that the voyage comes amid continuing efforts by Iran to to project its power across the Middle East and beyond.
The Iranian Navy has been boosting its presence in international waters since November 2008, when it deployed warships to the Gulf of Aden in response to the Somalia pirates’ threat.
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Brent oil price back near $110 and could trade higher on Iran moves
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