Iran has stopped selling crude to British and French companies, the oil ministry has said, in a retaliatory measure against fresh EU sanctions on the Islamic state's lifeblood, oil.
"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying on Sunday by the ministry of petroleum website.
The European Union in January decided to stop importing crude from Iran from July 1 over its disputed nuclear program, which the West says is aimed at building bombs. Iran denies this.
The European Commission said last week that the bloc would not be short of oil if Iran stopped crude exports, as they have enough in stock to meet their needs for around 120 days.
Brent Crude $119, Texas Crude $103. Why is Exxon smiling?
Gasoline prices have never been higher this time of the year.
At $3.53 a gallon, prices are already up 25 cents since Jan. 1. And experts say they could reach a record $4.25 a gallon by late April.
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