Iran's light crude price increases to $108

The price of Iran's light crude increased to $108.7 this week showing a $2.04 hike compared with the prices last week. According to the statistics presented by the National Iranian Oil Company (NIOC)'s International Department, the price of Iran's heavy crude also reached $106.47 this week. Earlier, Iran's OPEC Governor Mohammad Ali Khatibi had said that oil prices are likely to increase after Hurricane Irene hit the US East Coasts. "Different factors affect Iran's oil market. For example, hurricane in the US can leave an impact on oil prices," Khatibi told FNA last Monday, and added, "If the hurricane destroys the US oil facilities, we should expect an increase in oil price." Tropical Storm Irene packed hurricane-force winds when it slammed into the East Coast near North Carolina this weekend and New York. The storm was blamed for at least 21 deaths, widespread severe flooding and more than 4 million homes and businesses losing power.