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 told the reformist daily Sharq.
RELATED:US Senate OK's sanctions on Iran central bank'UN sanctions on Iran have been exhausted'Analysis: Chances slim for stiffer UN sanctions on IranTalk in the West of tightening sanctions on Iran over its nuclear program 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.
Iran says its nuclear program is entirely peaceful.
The US Senate voted on Thursday to penalize 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 finalized 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.
"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.
"I do not think the situation in the world and especially in the West today is prepared enough to raise such discussions."
The storming of Britain's embassy in Tehran on Tuesday after London
announced unilateral sanctions on Iran's central bank raised tensions
and pushed up crude prices.
ICE Brent January crude rose 95 cents on Friday to settle at $109.94 a barrel.
