Iran’s Foreign Ministry believes that if the West seriously considered blocking Tehran’s ability to export oil, the global price of crude would more than double, Foreign Ministry spokesman Ramin Mehmanparast was quoted as saying on Sunday.
“As soon as such an issue is raised seriously the oil price would soar to above $250 a barrel,” he said. Talk in the West of tightening sanctions on Iran over its nuclear programme has increased since the United Nations nuclear watchdog issued a report in November containing what it said was evidence that Tehran had worked on designing an atom bomb.
The US Senate voted on Thursday to penalise foreign financial institutions that do business with Iran’s central bank, the main conduit for its oil revenues, and the European Union is considering a ban on oil imports from the Islamic Republic.
But so far, neither Washington not Brussels has finalised its move against the oil trade or the central bank amid fears of the possible impact on a fragile global economy of restricting oil flows from the world’s fifth biggest exporter. Mehmanparast said he doubted they would take that step.