Tehran (AsiaNews/Agencies) - Oil surged to its highest price in nine months after Iran said it halted crude exports to France and Great Britain. Futures climbed as much as 1.9 per cent after the Iranian Oil Ministry announced it was ceasing sales to the two countries.
Tehran's decision will not have any major impact on either of them. Last year, France bought only 3 per cent of its oil from Iran and the UK had stopped buying Iranian oil long ago.
However, Iran's ban could have consequences for other European Union members who still buy Iranian oil if they go ahead with the EU decision to stop buying Iranian oil as of 1 July following an embargo decision by the European Union and the United decision as part of new sanctions against Iran' nuclear programme.
Tehran continues to say that it has a right to develop its nuclear programme, but most of the international community is concerned that it might build nuclear weapons, a claim Iran denies.
Among EU member states, Italy bought 13 per cent of its oil from Iran, Spain imported 12 per cent, and Greece bought 30 per cent.
Iran pumps 3.5 million barrels per day. Only 20 per cent goes to the European Union, most of the rest goes to Asia, especially China and India.
In the first six months of 2011, China bought 22 per cent of its oil from Iran; Japan bought 14 per cent; India, 13 per cent; South Korea, 10 per cent; and Turkey, 7 per cent.