Iran’s oil sold $122 per barrel
Azerbaijan, Baku, March 6 / Trend M. Moezzi /
Iran's oil continues to sell for $122 a barrel on average in world markets, Mehr news agency reported.
In Asian markets, the price for Iran's light crude oil was more than $123.6 on March 5. For the same period, Iran's light crude oil fetched $122.63 in the northwest Europe market, $120.57 in the Mediterranean market and $122.32 in South Africa.
The price of Iran's heavy crude oil climbed several dollars in the last week with rates ranging from $121.64 a barrel in Asian markets to $119.17 in the Mediterranean market.
News that Iran may stop its oil sales to the Netherlands, the Czech Republic and Belgium has the global oil market on edge to see what new developments will affect prices.
Over recent months, the U.S and EU have stepped up sanctions against Iran. They have embargoed Iran's oil industry and the U.S. is pressuring other countries to stop doing business with Iran. In late January, the EU's foreign ministers agreed to stop buying oil from Iran after current contracts run out by July 1.
In retaliation, the Islamic Republic recently cut off oil sales to France and Britain.
The West's measures are part of an effort to make Iran answer questions about its nuclear program which it says is peaceful and civilian in nature while the U.S. and its allies contend it is not.