Asian oil prices up due to Western sanctions on Iran

Oil prices went up in Asian trade on Tuesday after the United State, United Kingdome, France, and Germany decided to impose further economic sanctions on Iran because of its controversial nuclear program. New York main contracts for light crude November delivery were up 31 cents, reaching USD 92.24 per barrel (pb) earlier today, while Brent North Sea crude for November delivery gained 29 cents reaching USD 110.10 pb. Major countries of the European Union (EU) urged their partners to put further pressure on Iran by approving the new sanctions, designed to force the country to abandon its nuclear program. The sanctions are officially effective as of October 15, and the punitive measures cover the sectors of energy, finance, commerce, and transport. The Unites States, along with other western countries, insist Tehran's nuclear program is of a military nature, while the latter denies the claims, claiming "peaceful and civilian purposes".