UNSC Resolution on Iran Sends Oil Prices Up

news23.jpgTEHRAN (Fars News Agency)- Oil prices were on the rise again yesterday, amid concern at Iran’s reaction to tough United Nations sanctions aimed at tempering the country’s nuclear program.

A barrel of oil rose by 58 cents to US$63 in London following the Christmas break, while it lifted 50 cents to $62.91 in New York. The price hike followed declines earlier this month as a mild winter and reports of slower economic growth in the US eased pressure on demand for heating oil. The Organization of Petroleum Exporting Countries has already said it is keen to tighten up worldwide supplies in a bid to stop prices falling. However, oil prices climbed following concern that Iran – one of the world’s largest oil producers – could ignore calls for it to tone down its nuclear ambitions.

The UN Security Council voted on Saturday to impose sanctions on Iran for refusing to suspend its uranium enrichment work. The sanctions order all countries to stop supplying Iran with materials and technology that could contribute to its nuclear and missile programmes.

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