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Iran’s crude oil price exceeds $124 in Asian markets

Iran Materials 27 February 2012 16:31 (UTC +04:00)

Azerbaijan, Baku, Feb. 27/ Trend F.Milad/

The average price for Iranian crude oil for delivery to Asian markets hit $124.37 per barrel on February 24, Shana news agency reported.

The Iranian light crude was traded at $122.8 per barrel in European markets and $120.20 in Mediterranean markets. Iranian heavy crude oil was also traded at $122.85 on the same day in Asian markets.

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 programme could lead to an oil-export halt and 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 Organisation of Petroleum Exporting Countries.

Iran has 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 in July 1.

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