Continued disputes with Iran and its nuclear program pushed oil above $105 a barrel on Monday. The Middle-Eastern oil producer said that it has turned the tap off to Britain and France due to on-going and escalating tension between the countries.
Analysts were quick to state that the decision will have little impact on the countries supplies as Britain has not imported oil from Iran in six months while France only receives around 3 percent of its total consumption from Iran. Despite the facts though, speculation that tensions between Iran and Western countries are likely to increase in the near future pushed oil to its highest price since May.
Iranian officials are apparent in their pre-emptive strike to EU countries who have been imposing sanctions that have frozen the country’s central bank assets and are set to begin an oil embargo in July.
In New York oil rose to a daily high of $105.26 per barrel in electronic trading before settling at $103.24 per barrel at the close.
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