Brent crude hit an intraday high of nearly $ 114
U.S. President Barack Obama signed the Iranian New Year’s Eve severe financial sanctions legislation. Analysis that formed the EU move against Iran’s nuclear program the West camp.
U.S. Treasury official said the White House to support the proposal to the European embargo on Iranian oil , and believe it can not disrupt the global oil market situation , cut off Iran’s oil revenues .
The EU embargo would force Iran to look for other oil buyers. EU countries buy about 45 million barrels per day of Iranian oil , is Iran’s second largest crude oil export target . Iran exports about 2.6 million barrels of oil per day .
Reported that the impact of rising oil prices affected by this factor , Brent crude hit an intraday high of nearly $ 114 , up from Tuesday’s close of nearly $ 2 . Most traders expect Iran can still find a buyer in the crude oil market , but must provide a substantial discount .