Oil up near $111

Posted by Forexsq 115 days ago (http://www.khaleejtimes.com)

ForexSQ.com - Oil prices rose to near $111 on Monday after EU foreign ministers agreed to ban imports of Iranian oil from the start of July, eliciting further threats from Iran to close the key shipping channel the Strait of Hormuz.

Brent crude oil futures were up $1.11 at $110.97 a barrel by 1248 GMT. U.S. crude was up $1.05 to $99.38 a barrel.

Both contracts rose after threats from an Iranian member of parliament to close the Strait of Hormuz, a key shipping channel, if Iran’s exports are blocked.

The Iranian MP was responding to the EU agreement for an immediate ban on all new contracts to import, purchase or transport Iranian crude oil and petroleum products.