Oil prices in Asia have climbed higher due to the disruption in the Middle East and the latest surveys of US jobs data.
West Texas Intermediate crude, New York’s main contract is scheduled for delivery in May was up by 24 cents at $US102.70 per barrel. Similarly Brent North Sea crude for May was up by nine cents to $US122.76 in morning trade.
The worries about the geopolitical tensions and fear of disruption to supplies in the Middle East. This is in spite of the underlying factors that caused prices to go down in the past few days.
Iran, a major crude producer stated that nuclear talks with the world powers would take place on Saturday in Istanbul in regards to the controversial Tehran nuclear programme.
The last talks with the P5+1 powers – Britain, China, France, Germany, Russia and the United States were held in January 2011 with no effect.
Western countries along with US, fear that Iran is developing a nuclear weapon. However, Iran denies the charge and claims it is for peaceful purposes only.
Iran has threatened to close the ‘Strait of Hormuz’, a major route for oil supply, if further sanctions are imposed on it by the Western countries.
In the meantime, Kuwait is already imagining possible scenarios if the Strait of Hormuz is closed. Kuwait draws out around 3.0 million barrels per day and a large portion of it is exported as crude and refined products through the Strait of Hormuz.
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