{"id":11613,"date":"2010-07-26T09:45:41","date_gmt":"2010-07-26T07:45:41","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/11613\/oil-prices-may-lift-as-eu-hit-iran-with-new-oil-santions\/"},"modified":"2010-07-26T09:45:41","modified_gmt":"2010-07-26T07:45:41","slug":"oil-prices-may-lift-as-eu-hit-iran-with-new-oil-santions","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/11613\/oil-prices-may-lift-as-eu-hit-iran-with-new-oil-santions\/","title":{"rendered":"Oil prices may lift as EU hit Iran with new oil santions"},"content":{"rendered":"

Oil prices may see a lift this week as the EU hit Iran with new and tough sanctions against its vital oil industry today in a bid to lure Iran back to the negotiating table over its disputed nuclear program.<\/p>\n

EU foreign ministers will formally approve the sanctions on today following Iran’s repeated refusals to halt sensitive nuclear activities.<\/p>\n

Iranian President Mahmoud Ahmadinejad warned the EU against imposing unilateral sanctions, saying Tehran would react swiftly and cause “remorse”.<\/p>\n

“We do not welcome any tension or a new resolution. We seek logic and friendship. I should tell you that anyone who adopts a measure against the Iranian nation, such as inspection of our ships and planes, should know that Iran will react swiftly. Experience shows that such a reaction by the Iranian nation will cause remorse to it (the EU).”” Ahmadinejad said in remarks directed at the EU.<\/p>\n

Meanwhile, Iran has signed a $1.3 billion pipeline deal to export gas to Turkey, according to the country\u2019s Oil Ministry. The Turkish government denied that was involved with the deal. A firm called Som Petrol, Turkey’s largest energy company, said it was Iran’s partner.<\/p>\n

This latest move by Iran is likely to irritate the US and the EU as Turkey is currently not a member of the European Union and santions by the EU would not affect deals on Turkish soil.<\/p>\n

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