Oil mixed in Asia as Iran concerns grow

Published Aug 14, 2012 06:41am

Crude oil — File Photo
Crude oil — File Photo

SINGAPORE: Oil was mixed in Asian trade Tuesday but analysts said prices would remain high amid an expected supply cut in the North Sea and speculation over a possible Israeli military strike on Iran.

New York's main contract, light sweet crude for delivery in September, was up nine cents to $92.82 a barrel in the afternoon.

Brent North Sea crude for September turned lower, falling 11 cents to $113.49 on profit-taking after briefly breaking through $115 a barrel overnight to its highest level in three months.

Analysts said oil prices would remain high due to concerns about tightening supply from the North Sea and tensions in the Middle East.

North Sea crude supply is set to be curtailed in September primarily by the shutdown of an oil field for scheduled maintenance.

And speculation was mounting in the Israeli press about a possible strike on Iran, with the newspaper Haaretz reporting top officials believe time is fast approaching for a decision by the government.

The United States insisted on Monday that there is still time for a diplomatic way out of the West's nuclear showdown with Iran, which denies claims it is trying to build a nuclear bomb.

The White House said there remains a “window” for its strategy of pressure through punishing sanctions, adding that talks with Tehran could work despite the absence of a breakthrough so far.


Do you have information you wish to share with Dawn.com? You can email our News Desk to share news tips, reports and general feedback. You can also email the Blog Desk if you have an opinion or narrative to share, or reach out to the Special Projects Desk to send us your Photos, or Videos.

More From This Section

Sharif defers gas tariff hike

PM once again safeguarded already inflation hit masses from massive rise in gas tariff. It was second time in one month.

CDC reassures KSL investors

CDC released a statement acknowledging: “The CDC call centre received 600 calls per day on an average regarding KASB KSL

Comments (1) Closed




M. Asghar
Aug 14, 2012 10:48am
Iran should not worry about these theatrics and should stick to its cool and clear-headed line of action for its interests.