National Iranian Oil Co. has pegged oil prices for its crude at higher levels for most customers in August, matching a similar move by Saudi Arabia earlier in the month, despite tightening sanctions against the Islamic Republic's crude exports.

Iran posted its official selling price for Asian buyers of Iranian Light at $2.24 above the average of Oman and Dubai price assessments for August, an increase of 70 cents from the previous month, a company official said Tuesday.

The company also raised the price of Iranian Light to Northwest Europe by 95 cents, even though a European Union embargo that came into effect at the beginning of July prevents refiners in the region from buying Iranian crude.

The sharp price increase to Asia and Northwest Europe matches August price hikes published by Saudi Arabia earlier in July.

Meanwhile, steady prices for Mediterranean customers were also in-line with the prices set by state-owned Saudi Arabian Oil Co., or Saudi Aramco. The Kingdom usually sets the price trend for Middle Eastern producers.

However, last month, the Iranian Light price increase was 2 cents smaller than for Arabian Light for Asian buyers, a move seen as Tehran 's attempt to attract buyers, as fresh Western sanctions from July would hurt oil exports.

NIOC set the Asian OSPs for Iranian Heavy and Forozan Blend at 81 cents and $1.02 above Oman-Dubai respectively, both up 85 cents on month.

Earlier, Saudi Aramco also raised the price of rival Arabian Medium crude by 85 cents a barrel.

The OSPs for Soroosh and Norooz--for supply to Asia --were set at $5.60 below Iranian Heavy.
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