Oil prices mixed in Asian trade

SINGAPORE: Crude prices were mixed in Asian trade Tuesday on rising tensions in the Middle East after the European Union imposed an embargo on Iran's oil exports.

New York's main contract, West Texas Intermediate crude for delivery in March, was down one cent at $99.57 a barrel in morning trade.

Brent North Sea crude for March delivery gained three cents to $110.16.

"The main bullish factor in the market has to be the situation with Iran," said Tony Nunan, energy risk manager at Mitsubishi Corp on Tokyo.

"We will see a movement of prices depending on how Iran reacts to these sanctions. It will also depend on how much of the slack other OPEC producers pick up, especially Saudi Arabia," he told.

After weeks of negotiations, the European Union on Monday slapped the embargo on Tehran as part of a concerted effort with the United States to pressure the country to halt its controversial nuclear activities. (AFP)