Iran crude oil prices surpass NY, London markets

Iran Materials 14 March 2012 13:29 (UTC +04:00)

Azerbaijan, Baku, March 15/ Trend M. Moezzi

The price of Iran's crude oil surpassed crude oil prices in the New York and London stock exchanges, Fars news agency reports.

On March 12, the price for Iran's light crude oil was $123.80 on Asian markets, $123.80 in northwest Europe, $121.79 in the Mediterranean and 123.54 in South Africa. The average price per barrel of Iranian crude oil has been $122.20 since the start of March.

The price of American crude oil was $106.34 a barrel while Brent Crude dropped to $125.34 on the Intercontinental Exchange, Inc. (ICE) in London

Iran's oil ministry attributes oil prices to continued global economic woes with worries over Italy's situation and uncertainty about China's economic growth.

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 which has driven up Iran's oil prices.