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March 10th, 2012 
FAKE NEWS for the Zionist agenda According to the article, main importers of Iran’s crude including China, India, Japan, South Korea, Turkey, Italy, Spain, Greece, South Africa and France will be adversely affected by any disruption in Tehran’s oil exports.
The article says when European Union (EU) sanctions are put into place on July 1, nearly 600,000 barrels of oil per day will come off the market as a result of which the price of Brent Crude would rise to about USD 138 per barrel.
If Iran’s crude exports are halted entirely as a result of an attack against the country, 2.5 million barrels per day of supply will be lost and Brent Crude prices will reach USD 205, the report adds.
Global oil prices have continually climbed this year following Iran’s move to cut oil sales to British and French firms in reaction to the EU’s anti-Iran embargos. Tehran has also announced it may halt oil exports to more European countries.
EU foreign ministers approved sanctions against Iran on January 23, including a ban on Iranian oil imports, a freeze on the assets of the country’s Central Bank within EU states and a ban on selling diamonds, gold, and other precious metals to Tehran.
The move is aimed at putting pressure on Iran to force the country into abandoning its nuclear energy program based on allegations that Tehran is seeking to weaponize its nuclear technology.
Iran has refuted the allegations, arguing that as a signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to develop and acquire nuclear technology for peaceful purposes.
MYA/AZ/MA
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