Crude oil price climbs as debt fears hit euro and European share prices

A EUROPEAN Union agreement to ban Iranian oil imports boosted crude oil prices yesterday, but persistent worries about a eurozone debt crisis hobbled the single currency and European stocks.

EU diplomats said they reached a preliminary deal to ban imports of Iranian crude but have not decided when to put it in place.

The agreement sent oil to a seven-week high. Brent February crude hit $113.97 per barrel, its highest since November 14, before paring gains to trade up 1.08% at $113.34. US crude oil futures added 0.2% to $103.17 per barrel.