In an interview to CNN Iran’s Minister of Economy and Finance Shamseddin Husseini warned,
Iran can withstand the sanctions but the economy of other nations will be damaged. The European Union implements the boycott on Iranian oil on 1 July. The price of petroleum in world markets is likely to jump to surpass USD 100 per barrel.
The International Monetary Fund has said that the might even reach USD 160/barrel.
We must pay close attention when we speak of oil revenues and sanctions against oil sales, who are the winners and the losers of such sanctions?…Indeed, it is difficult, but not just for Iran. We can all rest assured that there will be a considerable increase in international oil prices. Now, is this the best approach?