Oil prices continued rising on Friday on concerns over Iranian supply, with dated Brent spot trading above $125 mark.
“The supportive factors are on the supply side - Iran and Iran and Iran, with a bit of Syria and Sudan,” said Christopher Bellew, a broker at Jefferies Bache in London. “It would not be at these numbers if it was not for the supply-side problems.” [Reuters, 24 February].
For example, Japan is expected to cut Iranian crude imports by a more-than-expected 20 percent as it seeks a waiver from US sanctions [Reuters, 24 February].
Iran said on Thursday it had maintained oil production levels despite sanctions, but analysts suspect the country was storing crude at sea while looking for new customers to evade sanctions.