Iranian oil prices rise more than 3% as tensions escalate
Prices for Iranian crude oil cargoes rose by more than 3% as tensions escalated in the Middle East, with prices for most grades reaching above $95 a barrel, Tasnim reported.
All Iranian crude grades, including Light, Heavy, Forouzan and Soroush, rose by $3.18 a barrel across four key markets: Northwest Europe, the Mediterranean, Egypt’s Sidi Kerir and South Africa.
In Northwest Europe, Iranian Light crude was priced at $95.97 a barrel, while Heavy and Forouzan crude stood at $94.07 and $94.32, respectively.
In the Mediterranean market, Iranian Light crude was priced at $95.32 a barrel, while Heavy crude stood at $93.17, Forouzan at $93.42 and the heavier Soroush grade at $90.17, the lowest price recorded among the destinations.
The highest price was recorded for Iranian Light crude at Sidi Kerir on Egypt’s coast, where it was priced at $97.22 a barrel. Iranian Heavy and Forouzan crude in the same market were priced at $95.07 and $95.32, respectively.
In South Africa, prices were identical to those in Northwest Europe, at $95.97, $94.07 and $94.32 a barrel for Light, Heavy and Forouzan crude, respectively.
The $3.18 increase came as tensions in the Middle East escalated, with further volatility in oil prices expected if tensions persist.
Oil prices topped $100 a barrel on Wednesday for the first time in six weeks as an escalation in fighting by US and Iranian forces deepened concerns over supplies from the region and raised fears of inflationary pressures and higher energy costs for consumers and businesses, Reuters reported.
Brent, the global oil benchmark, has risen by a quarter since early last month as hopes fade for a permanent resolution to the six-month-old US-Iran conflict.