Iran Embargo Could Hit Oil Price – Tanaiste

The Taniaste has said the embargo on the newly introduced embargo on Iran could hit fuel prices here.

EU foreign ministers agreed to an embargo on Monday afternoon in an effort to pressurize the country into cancelling its nuclear programme.

Oil prices rose to $111 on Monday afternoon after EU foreign ministers agreed to the ban of imports of Iranian oil from the start of July.

The ban has been met with further threats from the Iranian Government to close key shipping channel, the Strait of Hormuz, which will significantly choke off much of the western world's oil supply.

Mr Gilmore said there was no doubt that the embargo would have an impact on oil prices, but it was difficult to quantify just how much petrol, diesel and home heating oil would increase by.

"While this is clearly an issue for consumers, the expected price increase has to be weighed against the seriousness of the problem of Iran's nuclear programme."


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