Brent oil trading over $103, Iran unrest boosts prices

15 February 2011 15 February 2011

BonTrade

Brent oil futures open Tueday’s trading session firm over $103 a barrel as violent street protests in Iran raised fears crude oil supplies could be disrupted from one of world’s biggest producers.

Latest Brent Oil Price

In London, Brent crude oil futures for April 2011 delivery was trading at $103.52 a barrel, 08.20 GMT this morning on the ICE Futures Exchange.

Pro-democracy protesters battled police in Tehran on Monday, emboldened by the protests in Egypt that forced President Hosni Mubarak from power last week. There have also been anti-government protests in Bahrain, Yemen and Algeria while mass demonstrations helped bring down Tunisia’s long-time ruler Ben Ali earlier this year.

“Investors had been worried about Algeria and Jordan, Yemen and the Arab Gulf states. To see the pro-democracy movement in Iran caught us by surprise. It seems that everyone in power is nervous. Every country in the Middle East seems suddenly in play.” energy consultant Cameron Hanover said in a report.

Iran is the second largest oil exporter in club OPEC, behind Saudi Arabia.