The price of Brent oil futures moved back over $112 a barrel in early trading this morning on fresh worries over tension between western powers and major producer Iran as France seeks a faster implementation of the EU’s oil embargo on the country.<\/p>\n
Latest Brent Oil Price<\/strong><\/p>\n In London, Brent crude oil futures for March 2012 delivery was trading at $112.49 a barrel, 08.10 GMT today on the ICE Futures Exchange.<\/p>\n The February 2012 oil contract expired on 14th February.<\/p>\n “The (European Union) embargo on Iranian oil could be be brought forward, and this is supporting the increase in crude prices,” said Victor Shum, senior principal at Purvin and Gertz international energy consultants in Singapore.<\/p>\n EU foreign ministers are due to meet on January 23 to finalize the timeline for an embargo on Iran as part of fresh sanctions over claims the country is building an atomic bomb.<\/p>\n Iran – EU Embargo<\/strong><\/p>\n France is seeking a faster implementation of the EU embargo which is due to be discussed on 23 January, while many of the eurozone’s troubled economies that depend on Iranian oil are seeking a six month delay.<\/p>\n Tensions were further stoked as Tehran warned Gulf states not to make up for any shortfall if its oil exports are cut as a result of new sanctions.<\/p>\n If Arab neighbours compensate for a looming EU ban on Iranian imports, “we would not consider these actions to be friendly.” Iran’s representative to OPEC, Mohammad Ali Khatibi, warned in remarks published on Sunday.<\/p>\n Meanwhile, Europe’s continuing crisis would spark volatility in oil prices but Brent crude could stay above $110 a barrel in the short to medium term. Slowing growth in China, a major oil consumer, could also dampen sentiment for higher oil prices.<\/p>\n<\/p>\n