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Iran Cuts Off Oil to Britain, France - Report Iran Cuts Off Oil to Britain, France - Report

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Iran Cuts Off Oil to Britain, France - Report

Iran has cut off oil exports to France and England, according to the Washington Post.

The announcement is mostly symbolic, the Post reported, because both countries are planning to participate in a European embargo of Iranian oil beginning this summer, and neither are big purchasers of Iranian oil.

However, the news comes at a time of increased uncertainty in the oil markets. Rumors earlier this week that Iran would terminate oil contracts with up to six countries caused a spike in global oil prices.

The news came through the Iranian news agency Mehr. Mehr also reported that the National Iranian Oil Co. had sent letters to several European refineries demanding that they either sign long-term contracts or lose their access to the country’s oil supply, according to the Post.

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