OIL PRICES

 

Oil Prices Rise As Washington Announces New Iran Sanctions

Oil prices rallied last week, with WTI around $85/B and Brent around $100/B, buoyed by concerns over Iran and an announcement by the White House that new sanctions would be introduced against Tehran (see page 12). European Union sanctions banning Iranian crude imports were introduced on 1 July. Underlying fundamentals remain slack, though, with the EU’s sovereign debt malaise and...