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Despite reports suggesting that Iran is considering a halt to all oil exports to Europe as a response to European Union and US sanctions, the head of energy watchdog the International Energy Agency said that releasing reserves under its control is not something under consideration now.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets, including a number of refinery closures that could help drive the price of gasoline higher.
Iranian authorities have reacted to the decision by the European Union on an embargo by calling for an immediate halt to oil sales to the continent. In a statement on its website, the Iranian Oil Ministry described the European Union’s decision as “hasty” and “a political game”.
Helima Croft, Barclays Capital, discusses the geopolitical implications of the EU's oil embargo on Iranian imports, and the U.S. sanctions on Iran's third largest bank.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets and looks ahead to where oil, natural gas and precious metals are likely headed next week.
CNBC's Sharon Epperson reports on the continuous slide in natural gas prices, now at a 10-year low, and how investors who bet on a bounce are getting burned.
It's a vast, valuable and diverse category of art , and taking a narrow religious view could hurt you as an investor.
Inflation in the world’s top oil exporter Saudi Arabia has slowed to a four-year low of 5 percent in 2011, despite a significant ramp-up in government spending in the wake of the Arab Spring.
The Iranian Foreign Ministry has confirmed it has received a letter from the United States concerning the Strait of Hormuz, “via three different channels.” Authorities were considering whether to reply, although the contents of the letter were not divulged.
European refiners have started to sever links with Iran, stopping spot purchases of crude ahead of a European Union meeting later this month that could impose a full oil embargo on Tehran, the FT reports.
The tensions over Iran and threats from the West to apply sanctions on Iranian oil will see crude prices facing more of an upside risk in the near future, a commodities analyst told CNBC.
The fundamentals in the market are most likely to get more bearish because of the situation in Europe, says Michael Lynch, Strategic Energy & Economic Research president, who also adds any headlines coming out of the Middle East will spark concerns from traders.
If Iran were to shut down the Strait of Hormuz, Brent crude would surge to between $150 and $200 a barrel, according to an oil analyst with Societe Generale.
Iranian President Mahmoud Ahmadinejad’s five-day tour of Latin American countries comes at a time of rising tensions with the United States and growing international isolation. The US State Department described Iran’s search for friends as “desperate,” while US Treasury Secretary Timothy Geithner is expected to ratchet up the pressure in a visit to China and Japan.
Iran has begun uranium enrichment at a new underground site built to withstand possible airstrikes, a leading hard-line newspaper reported Sunday in another show of defiance against Western pressure to rein in Tehran's nuclear program.
The Governor of the Central Bank of Iran (CBI) has not stepped down despite rumors to the contrary, according to comments carried by the semi-official Fars news agency.
Oil prices could spiral out of control and potentially herald deeper economic hardship for Europe if the European Union joins the US in banning Iranian oil imports, analysts warned on Friday.
Alejandro Barbajosa, Oil Markets Specialist at Argus Media discusses the ability of major consuming nations to cope if Iran follows through on it's threats to blockade the strait of Hormuz, and says that the worst-case scenario would be a sudden, severe knee-jerk reaction which would, however, be short-lived.
Any European embargo of oil imports from Iran would have a direct effect not just on Iran, but also on the most prominent consumers of Iranian oil and refiners in the Mediterranean, according to a series of recent reports.
The two strongest Republican candidates to emerge from the Iowa caucuses, Mitt Romney and Rick Santorum, both are open to bombing Iran's nuclear weapons program, the Christian Science Monitor reports.