An oil platform in Nigeria was attacked and Iran warned that any sanctions imposed over the country's nuclear program could send oil prices even higher, have caused a stir in oil markets. Brent crude for February delivery gained 80 cents to US$63.06 a barrel on London's ICE Futures exchange. Trading on the New York Mercantile Exchange was closed on Monday for the Martin Luther King Day holiday.
Over the weekend, armed attackers damaged Shell's Benisede oil platform in the Niger Delta, injuring some of the staff, which has led to the evacuation of personnel from some facilities in the region. On Wednesday, gunmen attacked Shell's EA platform near the delta coast, seizing a Bulgarian, an American, a Briton and a Honduran. A major Shell pipeline leading to its Forcados export terminal was blown up the following day. Higher prices find support by concerns that the UN security council will consider sanctions against Iran because of its nuclear program.
Markets are concerned about lack of spare capacity to make up for disrupted oil supply from Iran. Iranian Economy Minister has warned that any sanctions on Iran from the West could, by disturbing Iran's political and economic situation, raise oil prices "beyond levels the West expects.
17-Jan-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}