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Iran's average crude oil price hits $120

Source: Mehr News Agency, Tehran

The average price for Iranian crude oil hit $120 per barrel on February 22. Iranian light crude was traded at $122.17 per barrel in Asian markets and $118.17 in Mediterranean markets, while heavy crude oil traded at between $116.72 and $120.65, IRNA news agency reported.

Brent crude on the ICE futures exchange settled up $1.85, or 1.5%, to $125.47 a barrel, its highest level in 10 months, according to the WSJ.

The stand-off between Iran and Western countries has dominated the thoughts of the world's oil traders in recent weeks, raising fears that the escalating row over Tehran's nuclear program could lead to an oil-export halt, a disruption to shipping traffic in the Strait of Hormuz.

Iran produces about 3.5 million barrels of oil a day, making it the second-largest oil producer in OPEC, the Organization of Petroleum Exporting Countries.

Earlier this week, Iran announced that it was cutting off exports to the UK and France. Although neither country is a major user of Iranian oil, the move heightened fears that Tehran could halt exports elsewhere ahead of a European-Union oil embargo scheduled to kick off in July 1.

National Iranian Oil Company (NIOC)

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