Azerbaijan, Baku, Feb.25/ Trend, F.Milad/
The average price for Iranian crude oil hit $120 per barrel on Feb.22, IRNA news agency reported.
The Iranian light crude was traded at $122.17 per barrel on Asian markets and $118.17 in Mediterranean markets.
The Iranian heavy crude oil was also traded between $116.72 and $120.65 on the same day.
Brent crude on the ICE futures exchange settled up $1.85, or 1.5 percent, to $125.47 a barrel, its highest level in 10 months, according to the WSJ.
The stand-off between Iran and Western countries has dominated sentiment in the oil market for weeks, raising fears that the escalating row over Tehran's nuclear program could lead to an oil-export halt, a disruption to shipping traffic in the Strait of Hormuz.
Iran produces about 3.5 million barrels of oil a day, making it the second-largest oil producer in the Organization of Petroleum Exporting Countries.
Earlier this week, Iran announced that it was cutting off exports to the U.K. and France. Although neither country is a major user of Iranian oil, the move heightened fears that Tehran could halt exports elsewhere ahead of a European-Union oil embargo scheduled to kick on July 1.