Oil prices fall in Asia on move to apply more restrictions and sanctions on Iran

25-Sep-12

United States, Britain, France and Germany moved to apply more restrictions and sanctions on Iran over its controversial nuclear program, This has pushed up crude prices rose in Asia - New York's main contract, light sweet crude for delivery in November rose to US$92.24 a barrel and Brent North Sea crude for November delivery settled at US$110.10. Britain, France and Germany on Monday urged their European Union partners "to further step up the pressure" on Iran by agreeing new sanctions to undermine its nuclear drive, in a joint letter seen by AFP. The sanctions, set to be formally adopted on October 15, called for punitive action in the energy, finance, trade and transportation sectors. Earlier, oil prices eased in Asian trade amid falling regional equities and on lingering concerns over the euro zone debt crisis. Differences between France and Germany on how to deal with the euro zone debt crisis remains a worry for investors.