The price of US Light crude oil futures is nearing the $100 a barrel mark again in light trading today after the EU agreed to slap an embargo against Iranian crude oil exports, mainly aimed at stopping Iran from funding its disputed nuclear programme.

Latest WTI Oil Price

US Light crude oil futures for March 2012 delivery was trading at $99.67 a barrel, 15.06 GMT today in trading on the NYMEX. The US oil contract is up 1.2 percent over this mornings opening price of $98 a barrel.

Brent North Sea crude oil futures climbed to $111.16 on the ICE Futures Exchange, also 1.2 percent higher.

Oil Price Rises

Experts are cautious about a new embargo of Iranian oil, as it could lead to significant oil prices rises in a long term, but the short term consequences are likely to be modest.

“EU foreign ministers today will decide to impose an oil embargo on Iran. That said, the import ban is unlikely to happen overnight but will be implemented gradually over a period of several months, which should dampen its inflationary effect on the oil price.” said Commerzbank analyst Carsten Fritsch.

­“There’re no significant changes on the market right now.” said Sergey Vakhrameev from the Metropol invest company.

$130 to $140 a Barrel

“In the long term it would depend on the situation, if Iran would block the Straits of Hormuz, prices would be up to $130-140, if a war begins they would jump to $200. Oil prices are excessive due to the geopolitical risks.” said Vakhrameev.

http://www.liveoilprices.co.uk/oil/oil_prices/01/2012/price-of-us-light-crude-oil-back-near-100-a-barrel-after-eu-bans-iranian-oil-imports.html