Blocking oil exports would 'double prices'
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Iran warned the West yesterday that any move to block its oil exports would more than double crude prices with devastating consequences on a fragile global economy.
"As soon as such an issue is raised seriously the oil price would soar to above $250 a barrel," a Foreign Ministry spokesman, Ramin Mehmanparast, said.
Iran is striving to contain international reaction to the storming of the British embassy last week, a move that drew immediate condemnation from around the world and may galvanise support for tougher action against Tehran.
Washington and EU countries were already discussing restricting oil exports after the United Nations nuclear watchdog issued a report in November with what it said was evidence that Tehran had worked on designing a nuclear bomb. Iran says its nuclear programme is peaceful.
The US Senate voted on Thursday to penalise foreign financial institutions that do business with Iran's central bank – which takes payment for the 2.6 million barrels Iran exports a day. The EU is considering a ban – already in place in the US – on Iranian oil imports.
Neither Washington nor Brussels has finalised its move against the oil trade or the central bank amid fears of the possible impact on the global economy. Reuters
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments