Brent oil futures open today’s trading session hanging near $110 a barrel as ongoing tensions over Iran add fuel to higher crude oil prices after Iranian students stormed the British embassy in Tehran, escalating worries about the oil exporting nation.
Latest Brent Oil Price
In London, Brent crude oil futures for January 2012 delivery was trading at $110.07 a barrel, 07.15 GMT this morning on the ICE Futures Exchange.
The European oil contract closed off Tuesday’s trading session up 1.7 percent, at $110.82 a barrel.
Iran Tensions
The political action in Tehran was the latest surrounding the still simmering Middle East and helped to push oil prices higher, with US oil back near $100 a barrel.
Reports this morning suggest that the UK is withdrawing its diplomats from Iran following the attack on its embassy in the capital with a first group of embassy staff are reported to be flying out to Dubai.
“Iran is always such a wild card. From a psychological standpoint, trouble in the Middle East is important for oil prices.” said Hamza Khan at the Schork Group, an energy trading adviser.
British Prime Minister David Cameron has warned of “serious consequences”, while the US, EU and UN Security Council also condemned the attack.
Iranian Oil Minister Rostam Qasemi said in a 19th November interview with Al Jazeera that any disruption to his nation’s oil exports would create severe problems for global markets.
Iran pumped 3.6 million barrels of oil a day last month, a recent survey showed and exported an average 2.58 million barrels a day in 2010, according to OPEC figures.
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Brent futures hang near $110 as Iran tensions add fuel to higher crude oil prices
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