The head of the world's top oil trader Vitol said on Tuesday the rise in oil prices to above $120 a barrel has more than compensated Iran for oil export revenues lost due to Western financial pressures.

The Iranians now want the price as high as possible as they've got less volumes to sell. I reckon they are probably quite close to winning based on the numbers, said Vitol's chief executive Ian Taylor.

The U.S. and Europe have imposed tough financial measures on Iran in recent months in an attempt to punish the country for what the West says is an attempt to develop nuclear weapons. Iran denies the accusation.

(Reporting by Emma Farge and Richard Mably; editing by Keiron Henderson)