| The European Union (EU) voted last week to ban oil imports from Iran. The EU will immediately ban the signing of any new oil contracts with Iran, while the existing ones will be fulfilled up to July 1. According to EU officials, this gradual approach has been devised so that the oil market can absorb the embargo’s impact.
In response, Iran has said it may cut crude oil shipments to Europe early. Iranian officials have threatened to stop exporting crude to the EU promptly in order to provoke a surge in prices and prevent European countries from finding other supplies at similar costs in the short term...............................................Full Article: Source
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