What's Iran's Next Move After EU Puts Country In Check ?
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Iran's economy has been under much pressure since the U.S. announced it would be implementing sanctions in an attempt to take a portion of Iran's 2.6 million barrels of oil per day off international markets. Since then, the price of oil has remained high and the country's currency has caused the price of many basic goods to increase incredibly for Iranian citizens, according to Reuters.
Things could worsen for the Iranian people as the European Union confirmed Monday the group will ban all imports of oil from Iran beginning in July. The Union reported companies and countries had until July to exit existing contracts and find new sources of oil.
Iranian officials have not been pleased with recent statements from the U.S. and Europe and have stated such actions would result in immediate responses.
"If any disruption happens regarding the sale of Iranian oil, the Strait of Hormuz will definitely be closed," said Mohammad Kossari, deputy head of parliament's foreign affairs and national security committee.
While the U.S., U.K. and EU have all sent ships to the Strait to protect international travel rights, others suggest Iran may take a new approach by immediately halting oil exports to Europe and not waiting till July. Iran is currently the world’s fifth-largest oil exporter and will most likely have no problem with continuing to ship its reserves to Asia.
NYMEX crude oil is up nearly 1 percent to $99.27 per barrel early Monday.
Things could worsen for the Iranian people as the European Union confirmed Monday the group will ban all imports of oil from Iran beginning in July. The Union reported companies and countries had until July to exit existing contracts and find new sources of oil.
Iranian officials have not been pleased with recent statements from the U.S. and Europe and have stated such actions would result in immediate responses.
"If any disruption happens regarding the sale of Iranian oil, the Strait of Hormuz will definitely be closed," said Mohammad Kossari, deputy head of parliament's foreign affairs and national security committee.
While the U.S., U.K. and EU have all sent ships to the Strait to protect international travel rights, others suggest Iran may take a new approach by immediately halting oil exports to Europe and not waiting till July. Iran is currently the world’s fifth-largest oil exporter and will most likely have no problem with continuing to ship its reserves to Asia.
NYMEX crude oil is up nearly 1 percent to $99.27 per barrel early Monday.
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