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Iran crisis could see oil prices SOAR as UK fuel reaches three-year high
Date added 23/2/2018

 THE UNREST in Iran has prompted major fears about an unprecedented rise in the cost of crude oil – as British motorists face the highest fuel prices for nearly three years.

The price of a barrel of Brent crude reached $68.13 (£50.40) at 6.23am this morning, up 0.4 percent, after hitting a May-2015 high of $68.19 shortly before.

Beyond a fleeting spike in May 2015, these were the highest crude price levels since December 2014, when the oil price downturn began.

While the protests in Iran have not yet had a major impact on the country’s oil production, continued instability and unrest could threaten the industry.

The industry is only likely to be affected if the protests on the streets spread to the oilfields, which is by no means an inevitability.

But William O‘Loughlin, investment analyst at Australia’s Rivkin Securities, said: “The market is clearly getting more bullish on oil as inventory levels get closer to the five-year average."

 

 



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