- Mon, 12/05/2011 - 22:04
Oil prices rose past $ 101 per barrel Monday amid growing tensions between Iran and Western powers, efforts in Europe to contain its debt crisis and signs the US economy is better.
In early afternoon in Europe, benchmark crude for January delivery was up 51 cents at $101.47 US per barrel in electronic trade on the New York Mercantile Exchange. The contract 76 cents to settle at $100.96 Friday.
London Brent crude rose 73 cents at $ 110.67 ICE Futures Exchange. Tensions have been building for weeks about the nuclear programme of Iran. The country's third largest oil exporter in the world , 2.2 million barrels of oil per day, sending and escalating sanctions or an armed conflict could threaten exports leaving the Persian Gulf.
New Iran sanctions in the UNITED STATES voted against the European Central Bank, on Friday, restriction on foreign financial institutions that do business with the Bank's operations, from opening, US.
On Sunday, the official news agency IRNA reported that Iran the armed forces of the country shot down an unmanned U.S. spy plane that violated Iranian airspace. The US has not confirmed the report.
The market also remained hopeful that European leaders agree on measures to expand the debt crisis, under the influence of the Summit on Friday in Brussels.