Iran cuts crude exports


Iran has stopped all crude oil exports to the United Kingdom (UK) and France. The move follows the decision earlier this month by the European Union to place a ban on Iranian imports to tighten sanctions against them, but with a six month leeway for to make it easier for larger EU importers of Iranian crude.

The measure by Iran seems more symbolic than anything else. The UK stopped importing from Iran more than six months ago and France imports about 3% of its crude oil needs from Iran.

The move caused the price of oil to jump to $105 a barrel though and Iran has said that it will stop imports to any other countries that threaten Tehran.

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