Crude prices rose on Friday, despite briefly falling under US$70 in New York, as traders turned their focus to Iran’s budding nuclear ambitions which have already triggered international angst. New York’s main oil futures contract, light sweet crude for delivery in September, closed up US$1.08 at US$71.14 per barrel. The contract had earlier dipped to US$69.60, however.

In London, Brent North Sea crude for October delivery settled up US$0.72 at US$72.30 per barrel.

But what about after August 22? See full article here. In other Iranian petroleum news:

  • Iran has given a temporary permit to the National Iranian Oil Company, allowing it to continue importing petrol, reported Bloomberg citing state television. Iran had planned to reduce its petrol imports, due to mounting costs and a reduced budget, by rationing the fuel to three litres a day per motorist from September. But no ration cards have been issued and no infrastructure has been set up to enable their use.
  • Iran has reached an agreement with Turkey regarding the use of its pipelines to transport gas to Europe, reported Reuters. Kazem Vaziri-Hamaneh, Iran’s Oil Minister, said that its pipeline capacity would be increased as part of the joint scheme. Iran had been considering both Turkey and the Ukraine as possible routes into Europe.
  • Romanian drilling company Grup Servicii Petroliere is threatening to take the Petro Iran Development Company to the International Court of Justice at The Hague in order to retrieve an oil rig which it claims has been seized in an act of piracy, reported Gulf News. The Orizont rig has been in Iranian waters since the end of a contract in April. GSP says it has lost $70m due to the dispute.

Via AME Info.