Iran sells oil at $123.81 on Asian markets
Azerbaijan, Baku, Mar.7/ Trend F.Milad/
The light Iranian crude oil was traded at $123.81 on March 6 on Asian markets, up 65 cents compared to the day before, the Mehr news agency reported.
Iranian light crude was traded at $121.47 per barrel in European markets and at $119.41 in Mediterranean markets on the same day.
Iranian light crude has been traded at $122.49 on the average since start of March.
The stand-off between Iran and Western countries has affected oil market trades 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 OPEC, the Organization 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.