In early trading today in commodity markets Crude Oil has climbed over $116 a barrel and met a 6 month record following the ongoing and appearingly growing threats to Iran to impose sanctions on it’s oil export industry.   Europe, one of the biggest customers of Iranian oil enjoyed some market news relief as this detracted from the ongoing crisis in Greece.

It is understood that the political events around Iran and it’s neighbors are again imposing their influence on commodity markets.  This growing invesment risk combined with the Eurozone debt crisis is having a significant impact on trader confidence in European markets.

In Tehran, the government announced it is ready to pre-empt oil sanctions and take it upon themselves to impose their own ban on sales of oil to European customers. This amidst new sanctions imposed yesterday by US President Barak Obama to extend the existing central bank sanctions and give the US additional power to freeze Iranian assets.

Economists have argued that less than $10 per barrel of Crude oil is directly attributable to the potential supply risks associated with Iran, reports claim the additional supply concerns from African countries such as Sudan and Nigera are also contributing to the rising price of Oil.

North and South Sudan are at a crisis point as they attempt to disengage from each others oil reserves and customer markets.  After independance South Sudan took over three quarters of the countries reserves, however is dependant upon the North for it’s control over pipelines and the export port of Port Sudan.