Oil prices rose yesterday, on the London and New York Exchanges, after a press agency of Iran announced that the country cancelled its oil deliveries to six EU member states, and the US Department of Energy said that American oil inventories fell.

The announcement made by Iranian state-owned press agency Press TV concerning the halting of oil exports to France, Portugal, Italy, Greece, Holland and Spain yesterday caused the price of oil to rise almost 2%, but the rise was capped after the Ministry of Oil in Tehran denied the information.

The price of oil with March delivery rose 1% 10:48 on the New York Mercantile Exchange, to 101.74 dollars barrel.

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