Iran’s crude oil price exceeds $124 in Asian markets

TEHRAN,Feb.28(MNA)--The average price for Iranian crude for delivery to Asian markets hit $124.37 per barrel on February 24, Shana news agency reported. The Iranian light crude was traded at $122.8 per barrel in European markets and at $120.20 in Mediterranean markets. The Iranian heavy crude oil was also traded at $122.85 on the same day in Asian markets. The stand-off between Iran and Western countries has been a affected oil market trades for 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. Iran announced that it had cut off exports to the U.K. 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 in July 1.