United Nations nuclear inspectors turned away from a military base in Iran helped push the price of crude oil futures to their highest price in nine months, according to Bloomberg.
Two days of discussions ended on Tuesday with the International Atomic Energy Agency inspectors unable to gain entry to the Parchin military base and unable to determine a method of advancing. The oil-rich Middle Eastern nation and its nuclear program is proving to be a thorn in the side of western nations, which have levied oil embargos as a method of reducing Iran's capacities.
"We're just watching the Iranian story play out," energy analyst Tim Evans with Citi Futures Perspective in New York told the news service. "What occurs in the market will depend on the developments there."
At 3:47 p.m. on Wednesday, crude oil futures gained 0.97 percent, a $1.18 rise to $122.84 per barrel.
Dow Jones Newswires reports Herman Nackaerts, chief inspector for the IAEA, told reporters at the airport in Vienna that despite efforts to "resolve all the outstanding issues … we could not get agreement."
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