Oil prices moved higher on Tuesday, reaching their highest levels since last May as concerns grew about Europe's oil supplies. Over the long holiday weekend, Iran announced that it will cease selling oil to the UK and France in retaliation for the upcoming oil embargo that is planned for this summer by the European nations.
While the move appears to be mainly symbolic as Britain and France import almost zero oil from Iran, it does raise concerns that Iran could take the same strict approach line with neighboring European nations that rely on more of the Iranian crude supply.
Read the full developing story about Iran and the current price of oil. Swan Energy see this as another indicator that points to the value of developing alternatives to foreign oil imports and maintaining a controllable, positive oil pipeline to stabilize the economy and offer steady growth opportunities for oil and gas investors and businesses and corporations alike.
