Official: Iran May Further Cut Oil Sales To EU

After halting oil sales to Britain and France, Iran on Monday threatened to stop oil sales to other European Union member states if the bloc continues its “hostile policies.”

Iran’s Deputy Oil Minister Ahmad Qalebani on Monday hinted at the possibility of halting oil exports to Spain, the Netherlands, Greece, Germany, Italy and Portugal.

“Undoubtedly if the hostile actions of certain European countries continue, oil exports to these countries will be stopped,” said Qalebani.

On Sunday, Iran’s Oil Ministry announced that it has cut oil exports to British and French firms. However, market sources reported that the two European powers have already stopped importing Iranian oil ahead of Tehran’s announcement.

On Monday, oil prices hit a nine-month high in Asian trade following Iran’s oil cut announcement, the highest levels since May 5, 2011.