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Iran oil price surpasses $100

Business Materials 25 February 2011 15:19 (UTC +04:00)
The price of Iran's crude oil has soared to over USD 100 amid recent revolutions and uprisings in North Africa and the Middle East.
Iran oil price surpasses $100
The price of Iran's crude oil has has topped USD 103 in the wake of the revolutions in Egypt and Libya, as well as the uprisings in Bahrain, Yemen, and other Arab states, Press TV reported with reference to Mehr News Agency .

Meanwhile, Brent crude, the benchmark in Europe, Africa and the Middle East, sold for USD 110.23 on Thursday.

The Middle East and North Africa hold more than one-third of the world's oil.

Iran holds around 10 percent of global oil reserves. In 2009, Iran's revenue from oil exports reached $69.1 billion, as it produced approximately 3.8 million barrels per day.

A pro-democracy uprising has now engulfed Libya since Feb 15.

Also in Yemen, mass pro-democracy protest rallies has left scores dead and injured, threatening the rule of its US-baked President Ali Abdullah Saleh.

In Bahrain as well, at least seven people have been killed in 11 consecutive days of popular protests calling for the ouster of the Al-Khalifa dynasty, which has ruled the country for over 200 years.

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