Iran warns oil prices could reach $250 if oil exports are banned

Iran's Foreign Ministry warns that if the US and its Western allies ban Iranian oil exports, the global price of crude oil will more than double.

4 December 2011, 12:00am

1 min read

Iranian oil exports could double in price following sanctions imposed by US and EU.

Iran has warned that the price of oil could reach $250 per barrel following reports of possible sanctions on Iran by Western nations over Iran’s nuclear programme.

Both the US administration and the European Union are currently considering a ban on oil imports from the Islamic Republic.

The statement comes in the aftermath of a raid by regime supporters on the British embassy in Tehran after the British government announced unilateral sanctions on Iran's central bank, which also increased crude oil prices.

So far, neither the US or the EU confirmed their intentions to impose sanctions on the world's fifth biggest oil exporter amid fears of probable negative impacts on a frail global economy.