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European Union governments have reached a preliminary agreement to ban imports of Iranian crude to the EU but have yet to decide when such an embargo would be put in place, EU diplomats said on Wednesday. The agreement, news of which sent crude oil prices higher, followed talks in the last days of December between EU envoys, diplomats said. Objections to the idea, notably from Greece, were dropped during the talks, they said.
On Wednesday, the price of a barrel of benchmark Brent crude rose more than a dollar from its previous close to a session peak of nearly $114, following the news that Europeans had agreed in principle to ban Iranian crude.