Oil prices climb after EU embargo on IranJanuary 23, 2012 - 18:19 AMT PanARMENIAN.Net - Oil prices rose on Monday, January 23 after the European Union agreed to slap an embargo against Iran's crude exports, in a move aimed at stopping the key oil producer from funding its disputed nuclear programme. Brent North Sea crude for delivery in March climbed 56 cents to $110.42 a barrel in early London deals. New York's main contract, West Texas Intermediate crude for March, edged up five cents to $98.38 a barrel, according to AFP. Following morning talks in Brussels between ambassadors of the 27 EU nations, a diplomat speaking on condition of anonymity said: "There is a political agreement on an oil embargo." The deal is to be formally approved by EU foreign ministers meeting and comes as the United States and allied nations accuse Iran of developing an atomic bomb. Tehran insists its nuclear programme is exclusively for peaceful, civilian use. The embargo meanwhile provides for an immediate ban on importing Iranian crude and a gradual phase-out of existing contracts between now and July 1. Greece's dependence on Iranian oil had been holding up an accord on the timing and conditions of the embargo as the financially strapped nation relies on Iran for more than a third of its crude. Iran sells around 20 percent of its crude to EU nations, with Greece, Spain and Italy the top buyers. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Court in Azerbaijan extends former Karabakh leader’s arrest by 5 months The Binagadi District Court in Azerbaijan has granted the prosecutor’s petition to extend the arrest of Arkady Ghukasyan. Ucom General Director joins High-Tech Development Panel Discussion The discussion was titled "The Role of International Corporations and Investors as Catalysts for Development of High-Tech Ecosystem." Dozens detained as antigovernment protest continue in Armenia At least 63 people demanding Prime Minister Nikol Pashinyan’s resignation were detained on May 14 as they blocked streets in Yerevan. Family of Ilham Aliyev’s security chief owns vast property in UK As head of security for Azerbaijan’s president, Eyyubov is closely trusted by one of the world’s most authoritarian leaders. |