MNA cited Mr Kazem Vaziri Hamaneh former oil minister of Iran as saying that the oil embargo against Iran by the European Union will lead to a sudden rise in oil prices and expressed confidence that Iran’s oil has its own customers around the world.

Mr Kazem Vaziri-Hamaneh said that “Europe should be confident that Iran’s oil will not remain without customer. The psychological effects of this decision today by the European Union will lead to a steep and sudden rise in crude oil in the international markets.”

He added that “I personally do not take serious oil embargo against Iran by Europe.”

(Sourced from Mehr News Agency)