Concern as oil prices continue to incline

Friday, February 24, 2012

Brent crude prices hit an eight month high last week, pushing the price per barrel to around $121. Due to the anticipated European Union embargo, Iran has put a stop all French and British company exports. This, along with Greece's continuing financial activity have both been put down as major factors as to why oil prices have soured recently.

Iran put a halt to all oil sales to British and French businesses last Sunday as a direct response to newly imposed EU policy concerning the country's nuclear programme. Although this action won't actually affect the UK to a large degree, in relation to the rest of the Oil and Gas sector, heightened dispute with Iran could have a long lasting effect. Individuals working in oil and gas contract jobs are unlikely to have seen such high prices since June last year.

Previously, Iran supplied 700,000 barrels a day to the EU. However, only 1% of the UK's oil source was from Iran. However, hidden political messages intertwined between the EU and Iran is making more impact than the barrels themselves. Global corporations such as BP have also pulled out of Iran oil sourcing, perhaps presenting the writing on the wall in regards to the political stance of the parties involved.

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