Iran cuts oil exports to six EU countries, state-run TV says

Iran’s state-run Press TV said Tehran has cut oil exports to six European countries in response to European Union sanctions; however, the country’s oil ministry has denied that report.

Press TV said the countries affected include Netherlands, Greece, France, Portugal, Spain and Italy.

Iranian oil exports amount to around 18 per cent of the European supply.

On Tuesday, Iran’s oil minister, Rostam Qassemi, said Tehran could cut off oil exports to “hostile” European nations as tensions rise over the Islamic Republic’s nuclear program.

Iran argued that the EU oil embargo will not cripple its economy, claiming that the country already has identified new customers to replace the loss in European sales.

At one point, the price of oil was trading up $1.33, at $102.07 (U.S.).