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Oil price will rise above $250 if Iran's oil export is banned: Iran

Source: Mehr News Agency

The Iranian Foreign Ministry is of the opinion that if sanctions were imposed on Iran's oil exports, the global price of crude would increase above $250 a barrel.

"As soon as such an issue is raised seriously the oil price would soar to above $250 a barrel," Foreign Ministry spokesman Ramin Mehmanparast told the Sharq newspaper in interview published on Sunday.

The U.S. Senate passed economic sanctions against Iran's central bank on Thursday, and the European Union is considering a ban on oil imports from Iran.

"Imposing sanctions on oil and gas is among the sanctions that, if one wants to do that, the consequences should be fully considered before taking any action," he said, according to Reuters.

"I do not think the situation in the world and especially in the West today is prepared enough to raise such discussions."

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