Reuters Jan 29th:

Iran is considering banning all oil exports to the European Union (EU) for five to 15 years, a senior Iranian lawmaker was quoted as saying on Sunday, while its deputy oil minister said prices would surge if the EU stopped importing Iranian crude.

Iranian lawmakers had been expected to debate a bill on Sunday to ban exports of Iranian crude to Europe in a move calculated to hit ailing European economies before an EU-wide ban on any Iranian oil comes into effect in July.

Suggested increase projected at $150 a barrel!!

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