Iranian Crude Prices Rising
Iranian crude oil is traded at increasing prices in Asia, sources said.
Sources informed that Iran has raised its official selling prices (OSPs) for August-loading crude to Asia for most of its grades. Prices for Iranian Light, Iranian Heavy and Foruzan Blend have been raised.
September-loading trade in the Middle East crude market is yet to start, participants said. The EU and US sanctions on oil supplies from OPEC President Iran are supporting the market.
Iraq's State Oil Marketing Organization (SOMO) raised its August official selling prices (OSP) for its two export grades Basra Light and Kirkuk to the United States, Asia and Europe as well.
Brent crude fell below $99 a barrel on Tuesday on concerns about demand growth after Chinese crude imports weakened in June, while worries over supply disruptions eased as a labor strike in Norway's oil industry ended.
Meantime, Officials in Moscow said that customers have been queuing for Russian crude since July 1, when the EU enforced a set of sanctions on the supply of Iranian crude oil.