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February 22nd, 2012 
FAKE NEWS for the Zionist agenda The British government has once again attempted to downplay the impact of the oil ban proposed by Iran, as one of the world’s largest oil supplier, with William Hague insisting Iran’s decision to impose its own boycott on exporting oil to the European powers would not affect them.
Iran’s move came after the European Union imposed unilateral sanctions against Tehran, banning member states from importing Iran’s oil.
Economic experts warned that Britain might consider Iran’s oil ban as being symbolic as it bought only one percent of Iran’s oil, but the Islamic Republic’s move would hit the UK badly as it has failed to arrange the reliable alternatives sources of oil.
Moreover, financial sources also stressed that the impact of Iran’s oil ban will be far more if it also extends its list to more European nations including Italy, Spain, Greece, Netherlands and Portugal, which are struggling with their domestic economic crises.
Right after Iran cut off oil supplies to the UK and France, the price of Brent North Sea crude for April delivery climbed by USD 1.52, reaching USD 121.10 per barrel.
Meanwhile, GFT senior markets strategist David Morrison declared that following Iran’s ban the price of oil could rise to $127 a barrel, as it already hit an eight-month high.
“The fact that Iran has banned exports to Britain and France means there could be much bigger problems down the line for Greece, Spain and Italy,” he said.
The recent climb in oil price comes only days after Bank of England Governor Sir Mervyn King warned that another commodity shock could deter attempts to reduce the rate of inflation in Britain.
As the official standard of the Bank of England is currently at the lowest level, analysts believe that further rise in the oil price would harm the fragile economic growth of the British government.
Energy consultant John Hall also warned that the “shaky” oil market would badly affect UK’s economic condition. Saying apart from Iran’s ban, there are suspended oil production from Sudan, Libya, Syria and Iraq which will affect the world economy.
SAB/JR/HE
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