Blame Iran And China For Rising Gas Prices

Iran’s Oil Ministry on Sunday announced the suspension of crude oil sales to companies from the U.K and France as the Islamic state responds to a European Union embargo set to take effect July 1. France’s Total and Britain’s BP had already ceased purchasing Iranian oil prior to the announcement, so the impact on supply and demand may be tiny.

Combined with a surprise decision on Saturday by the People’s Bank of China to reduce banks’ reserve requirements for the second time since November, however, Iran’s action helped to boost West Texas Intermediate crude oil above $105 per barrel in electronic trading Monday.

This is as high as crude has traded since last May when it peaked above $114 on fears that the wave of revolutions in Arab countries like Egypt and Libya would disrupt supplies.

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- Posted: 2012-02-20 11:41:59

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