Oil prices begin to climb as EU agrees with US ban on Iranian oil Imports

Posted on January 4, 2012 by

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Energy Prices Will Necessarily Skyrocket

 

As if the situation in the Gulf was not enough on edge, here comes Europe with news, via Reuters, that EU governments have reached a deal to ban Iranian oil imports. The only thing pending is the determination of the starting date and other details. The result, as expected, is another leg up in crude. Sooner or later, this relentless rise higher will spill through to the pump, which according to the Michigan Bizarro confidence indicator will sent consumer optimism to historic levels. And now, the escalation hot grenade is back in Iran’s court. Expect more missiles to be fired into the water and more rhetoric about Straits of Hormuz closure in 5…4…3…  Source : ZeroHedge.com

EU governments agree in principle on Iranian oil ban

BRUSSELS (Reuters) – European Union governments have reached a preliminary agreement to ban imports of Iranian crude to the EU but have yet to decide when such an embargo would be put in place, EU diplomats said on Wednesday.

The agreement, news of which sent crude oil prices higher, followed talks in the last days of December between EU envoys, diplomats said. Objections to the idea, notably from Greece, were dropped during the talks, they said.

“A lot of progress has been made,” one EU diplomat said, speaking on condition of anonymity. “The principle of an oil embargo is agreed. It is not being debated anymore.”

A European ban on Iranian crude would be part of concerted Western action to put pressure on Tehran to abandon its nuclear programme, which many governments worry aims at producing an atom bomb. Tehran says its aims are peaceful only.

Source  af.reuters.com

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