oil prices diverge amid fresh iran tensions
Last Updated : GMT 11:06:05
Arab Today, arab today
Arab Today, arab today

Oil prices diverge amid fresh Iran tensions

Arab Today, arab today

Arab Today, arab today Oil prices diverge amid fresh Iran tensions

London - AFP

Oil prices diverged Monday as weak demand worries triggered by the eurozone debt crisis helped offset escalating tensions over Iran\'s supplies and unrest in crude producer Nigeria, analysts said. Brent North Sea crude for delivery in February climbed 14 cents to $113.20 a barrel in London afternoon deals. New York\'s main contract, West Texas Intermediate for February fell 28 cents to $101.28. \"As the week gets underway, Brent has risen ... on the back of supply risks,\" said Commerzbank analyst Eugen Weinberg. \"The nuclear dispute between the West and Iran is increasingly prompting money managers to pin their hopes on rising prices again.\" Markets were also reacting to a meeting between the leaders of Germany and France on managing the eurozone debt crisis. \"Due to the lack of major US economic data, the main focus (for markets) will remain on the meeting ... that could provide some useful insight about the future of the eurozone,\" said Sucden Financial Research analyst Myrto Sokou. The eurozone crisis roared back into the picture on Monday as the euro struggled on the markets amid new signs of banking tensions amid a crunch meeting between the French and German leaders. Analysts were bracing for disappointment from the meeting in Berlin between German Chancellor Angela Merkel and French President Nicolas Sarkozy, with little concrete expected in the way of proposals. Across the Atlantic meanwhile, the United States on Sunday stepped up pressure on Iran over the Islamic Republic\'s threat to close the Strait of Hormuz -- a key shipping route for oil exports to the West. US Defense Secretary Leon Panetta warned that the United States would respond if Iran tried to close the Strait of Hormuz, the waterway at the entrance to the Gulf -- insisting that such a move would cross a \"red line.\" Iran has threatened to close the passage should the West press ahead with a threatened embargo on its oil exports. \"We made very clear that the United States will not tolerate the blocking of the Straits of Hormuz,\" Panetta told CBS television. \"That\'s another red line for us and that we will respond to them.\" Panetta was seconded by General Martin Dempsey, the chairman of the Joint Chiefs of Staff, who said Iran has the means to close the waterway, through which 20 percent of the world\'s oil passes. \"But we would take action and reopen the Straits,\" the general said on the same show, \"Face the Nation.\" Their comments follow Iranian threats to close the strait if the European Union slaps an embargo on Iranian oil, the latest step in a US-led campaign to pressure Tehran to give up their nuclear programme. Western powers suspect that Iran is bent on gaining atomic weapons, which Tehran denies. The rising tensions have driven oil prices to eight-month highs above 100 dollars and sent jitters through the oil-rich Gulf amid growing fears of a spiral into conflict. Helping to slightly offset concerns over Hormuz, the United Arab Emirates announced on Monday that a pipeline being built by the UAE to export oil from east coast terminals, avoiding the Strait, would be operational by June. Meanwhile in Nigeria, another major oil exporter, police and protesters clashed in parts of the country on Monday as tens of thousands demonstrated nationwide over fuel price hikes, with at least eight people shot, one fatally.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices diverge amid fresh iran tensions oil prices diverge amid fresh iran tensions

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil prices diverge amid fresh iran tensions oil prices diverge amid fresh iran tensions

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Saudis clear passenger flights

GMT 08:38 2017 Saturday ,25 November

Saudis clear passenger flights
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Heidy underlines works like “Seventh Neighbor”

GMT 13:59 2017 Thursday ,23 November

Heidy underlines works like “Seventh Neighbor”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 07:53 2017 Friday ,24 November

To Debate Ethics of Euthanasia

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday