Oil prices rise again after Iran’s oil cut to some EU states

Oil prices have rallied again in the Asian market following Iran’s move to cut oil exports to certain EU states in response to the European block’s oil embargo against the Islamic Republic. New York's main contract, light sweet crude for April delivery, was up 20 cents to surpass $106, while Brent North Sea crude for delivery in April also rose above $124. Global oil prices have climbed this year following Iran’s move to cut oil sales to British and French firms. Tehran also announced it may also halt oil exports to more European countries. The decision by Iran came in response to the EU's oil sanctions against the country.

"Oil prices have rallied again in the Asian market following Iran’s move to cut oil exports to certain EU states in response to the European block’s oil embargo against the Islamic Republic"European Union foreign ministers approved sanctions against Iran on January 23, including a ban on Iranian oil imports, a freeze on the assets of the country’s Central Bank within EU states and a ban on selling diamonds, gold, and other precious metals to Tehran. The EU has placed oil sanctions against Iran in a bid to put pressure on Tehran over its nuclear energy program based on allegations that Iran is seeking to weaponize its nuclear technology. Iran rejects allegations of pursuing military objectives in its nuclear energy program, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty and member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes