Iran’s crude oil price exceeds $125 in Asian markets
Azerbaijan, Baku, Feb. 29/ Trend F.Milad/
The average price for Iranian crude for delivery to Asian markets hit $125.11 per barrel on February 27, Shana news agency reported.
The Iranian light crude was traded at $122.1 per barrel in European markets and at $120.13 in the Mediterranean. Iranian heavy crude oil was also traded at $123.59 on the same day in Asian markets.
The stand-off between Iran and Western countries has affected oil market trading for weeks raising fears that the escalating row over Tehran's nuclear programme could lead to an oil-export halt with 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 OPEC, the Organisation of Petroleum Exporting Countries.
Iran announced that it had cut 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.