EU reassures Iran of bloc’s commitment to salvaging nuclear deal

Brent crude oil hit $80 a barrel last week, with concerns that fuel prices of will continue to increase due to sanctions against Iran.

Picture: Freeimages.com.

JOHANNESBURG - With concerns that oil prices will continue to climb, the European Union has sought to reassure Iran that the bloc remains committed to salvaging the nuclear deal with Tehran.

This is despite US President Donald Trump’s decision to exit the accord and reimpose sanctions.

Brent crude oil hit $80 a barrel last week, with concerns that fuel prices of will continue to increase due to sanctions against Iran.

Fuel prices are expected to increase yet again in June.

The Automobile Association says motorists could face a hike of 74 cents a litre for petrol, 81 cents for diesel, and 78 cents for paraffin.

The price of brent crude has been gradually climbing over the past few weeks, and the weaker rand has seen fuel prices increase.

To make matters worse, the decision by Trump to increase sanctions against Iran saw traders expecting higher prices.

However, the 28-nation EU, once the biggest importer of Iranian oil, now says it hopes to strengthen trade with Iran sticking to the nuclear agreement.

Traders say this will see a steady supply of oil causing price stability which is good news for South Africa.