THE UPWARD TREND ON FUEL PRICES IN BOTH THE USA AND IN EUROPE HAS BEEN THE ATTRIBUTES OF CRUDE OIL SANCTION AGAINST IRAN.

THE UPWARD TREND ON FUEL PRICES IN BOTH THE USA AND IN EUROPE HAS BEEN THE ATTRIBUTES OF CRUDE OIL SANCTION AGAINST IRAN.


Continued upward trend on fuel prices at the fuel stations in both the USA and in Europe, due to high demand on decreased crude oil output in the financial markets has been attributes of the European Union sanction on Iran's crude oil export to Europe and the USA which has continued to have negative impact on oil prices, befor the implementation of Iran's Parliament decision for oil export sanction against the mentioned countries on the first of the month of June in the year 2012. However, Saudi Arabia promise for increased crude oil production and export to the USA and Europe in the year's first business quarter has remained ineffective to meet the high demand on crude oil in both Europe and the USA. Crude oil prices in the financial markets has continued to flactuate at the price of about $110.00 per barel of crude oil which caused an upward trend in fuel prices at the fuel stations rated at $1.56 euros and $4.10-$4.15 dollars in both Europe and the USA respectively.