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Iran May Extend Oil Cut To More Countries

Posted: Feb 20, 2012 7:36 AM

TEHRAN, Iran - An Iranian semiofficial news agency says Tehran is considering extending an oil embargo on France and Britain to other European countries.

The Monday report by Mehr quoted head of the National Iranian Oil Company Ahmad Qalehbani as saying that Tehran may stop crude exports to European Union members that continue "hostile acts" against Iran.

Qalehbani predicts that oil prices could possibly pass $150 per barrel, without specifying when.

Oil prices jumped to a nine-month high of nearly $105 a barrel on Monday in Asia after Iran announced the halt on exports to Britain and France.

Iran imposed the cuts pre-emptively in retaliation for EU sanctions scheduled to go into effect in July to pressure Tehran over its controversial nuclear program.

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