Oil prices hike as Iran halts exports

Global oil prices have risen again as Iran stops exporting oil to Germany after halting crude exports to a number of European countries. On Wednesday, New York's West Texas Intermediate (WTI) crude for delivery in May, climbed by USD 1.25 to USD 102.27 a barrel, AFP reported. Brent North Sea crude for May delivery rose by 14 cents to USD 120.02 in late Wednesday London deals. Oil prices hiked as Iran announced on Wednesday that it had cut oil exports to Germany one day after stopping crude sales to Spain as part of its countersanctions against the European Union. Tehran has already stopped oil exports to France, Britain, and Greece and is now considering halting crude sales to Italy. In addition to causing a hike in global oil prices, Tehran’s decision to impose the countersanctions has pushed gasoline prices in the United States and the UK to record highs. The rising gasoline prices have also become a major issue in the US presidential election campaign. Iran implemented the countermeasures after the EU foreign ministers agreed on January 23 to ban oil imports from the Islamic Republic and freeze the assets of the country’s Central Bank across the EU. The US, Israel, and some of their allies accuse Tehran of pursuing military objectives in its nuclear energy program and have used this pretext to impose unilateral and international sanctions against the country. Iran has refuted the allegations, arguing that, as a signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it is entitled to the peaceful use of nuclear technology.