Ship Approaching Region Egypt Iran, Oil Price Rise

Ship Approaching Region Egypt Iran, Oil Price Rise - Israel closely watch the movement of Iranian warships were reported to cross the Suez Canal, Egypt, to Syria through the Mediterranean Sea.

This situation makes the world crude oil price increases because of market participants worry over the potential conflict in the Suez Canal, which is one of the strategic distribution channels.

CNN news station reported, the price of crude oil for March in the distribution of transactions in New York trading Wednesday afternoon local time rose 1.2 percent to U.S. $ 85.95 per barrel. In the UK stock exchange, Brent crude oil price rose 2.1 percent to U.S. $ 103.31 per barrel.

Andrew Lebow, analyst at MF Global, urged the traders to remain vigilant due to developments in the Suez Canal is still unclear.

"His report is still raw today, but news Iranian warship in the Suez indeed make the market rose slightly. The market is currently looking for more information, but the current news about the subject is still small, "said Lebow.

Iranian gunboat reportedly will exercise the full year by taking the path starting from the Gulf of Aden, Red Sea, Suez Canal, Mediterranean Sea and later docked in Syria. Israeli Foreign Minister Avigdor Lieberman said Iran has conducted provocation and Israel will continue to monitor the movement of the ship.

Suez Canal, located between Asia and Africa, is a strategic sea lane. Millions of gallons of oil into Europe and North America via this route every day.

Previous oil price increases due to upheavals in Egypt, which almost led to the Suez Canal was closed. Oil prices then fell again shortly after Hosni Mubarak resigned as president of Egypt on 11 February.