Friday, January 6, 2012

#Iran : EU Ban On Iranian Oil Hike's UP Strait Of Hormuz Tensions!

DUBAI, United Arab Emirates, Jan. 5 (UPI) -- Europe's move toward banning Iranian oil imports, vital to Iran's besieged economy, has sharpened tensions in the Persian Gulf, where Tehran has threatened to block the strategic Strait of Hormuz if new sanctions are imposed.
Oil prices rose sharply to an eight-month high of around $113 per barrel following the European Union's agreement in principle Wednesday to impose the ban.
France's Societe Generale warned that prices could hit $125 a barrel in the coming days amid market concerns over the unfolding crisis and escalating Iranian threats against U.S. forces in the region.


Read more: http://www.upi.com/Business_News/Energy-Resources/2012/01/05/EU-ban-on-Iranian-oil-hikes-Strait-of-Hormuz-tensions/UPI-79861325784664/#ixzz1ifznpbLO