Crude oil prices are approaching an 8-month high tonight following the announcement that the European Union has issued a full ban on all imports of Iranian crude oil, with expectations that the London Brent spot price, currently at $113, could rapidly see $125 on the ban.
EU officials say that the opposition to the ban has evaporated and that the debate is now moving on to the exact details of it, with the US State Department saying the move will “tighten the noose on Iran economically.”
The announcement is expected to happen by the end of the month, according to French Foreign Minister Alain Juppe. The move will force Italy, Greece and Spain to find new sources of supply.
Whether it will have a serious impact on Iran is unclear, as they will likely just sell the oil to Asian powers instead, and the only change will be in the efficiency of trade routes. China in particular has been keen to secure Iranian oil supplies.
13 thoughts on “Oil Nears 8-Month High as EU Nears Ban on Iran Trade”
anyone heard anything about mansour arbabsiar, the alleged saudi diplomat assassination plotter? neigh a single word has been said about him all these weeks after the initial revelation of this "outrageous" plot…..
The Europeans are such tools.
Does AnyBody NOT see that this — the increase in the price (not, you must note, the cost) of oil — is what this whole charade, this complete lie, this total sham, scam, and hoax since at least (but far, far before) the so-called "Terror Event" of September 11, 2001 — that THIS (increased oil prices) is what this whole bloody planet has devolved into being all about:?
It won´t be a lose for Iran, the oil will be diverted to China. So yes, it must be all about raising the price of oil, and punishing European countries using Iranian oil.
And so the €USSR Titanic sinks further down the abyss, who cares? i don´t, certainly not the Iranians and not Russia CSTO & BRICS either, if anybody can stop this madness from the western psychopaths on decline, it´s them.
They dont need no water let us motherf…..s burn….
Nice to see the ruling mandarins in DC and Europe screw us workin folks over with their belligerence. They think they are only hurting the Iranians but they are hurting us as well. Please, please, please America get rid of this ruling establishment this November… GO RON PAUL.
Immensely convenient don't you think, that this business is solid gold for Wall Street speculators, oil companies, politicians (who always need a boogie man), the military, and the for-profit defense establishment?
Cui bono, boys and girls, cui bono.
Oh, yes,… and of course, Israel.
Good grief! I suppose all that Fed aid to the ECB had to have some strings attached.
Great. Government as always thinking about the people. The important thing is to give Iran a hard time. Gas prices soaring, heating oil prices unaffordable? Who cares? What matters is the the zionist bosses of the EU and the US are happy.
If I were a European taxpayer I'd be really, really pissed. The Europeans who normally purchase crude from Iran will have to "find new sources of supply." Really? Nice planning. So where? The Russians? They really don't think that the Russians aren't going to raise the price of oil to compensate for the "paper work" involved in supplying a new customer (if they want to)? And if the new sources are the Saudis do they expect the Saudis to raise their production rates? And when they don't increase production where do you think the cutbacks are going to be felt most…come on…you know…how about the corner gas station on Main Street.
Of course, another option is to get their oil from Iraq. The American oil companies would really like that because when the Iraqi production rates go above a certain limit (not sure what it is) the fees paid to American oil companies go up also.
Or the Europeans can just give up using gasoline – burn beet juice or cabbages…you know, go green.
This is a standard trick employed by pro Israeli officials.
Come out with a statement "everyone supports something" and everyone believes they may be the odd man out in not supporting it.
Notice how the wording say "its not being debated therefore everyone supports it"
A giant con which diplomats too busy with festive season duties can't grasp.
Was this the reason NATO took out Ghaddafi? So no loose cannon identification with Muslim Iran would restrict Europe's oil flow?
I say let OWS get ride of them all, and send all the politicians to the dust bin of history.
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