Quote: Originally Posted by petros
18% of France and UK's supply is Iranian.
Got a link cause this is in many reports and 20% would seem top be significant.
On Sunday, its oil ministry went a step further, announcing Iran has now stopped selling oil to France and Britain altogether - a powerful yet largely symbolic message since neither European nation relies on Iranian crude imports.
Iran halts oil sales to UK, France on eve of talks | Reuters (external - login to view)
Since Greece has nothing to do with oil prices the rise should be over Iran.
Oil prices have risen following expectations of an increase in the demand as eurozone finance ministers came to an agreement on a rescue package for Greece and the crisis in Iran intensified. According to the American Automobile Association, gasoline prices could rise as high as $4.25 by the end of May.
Oil Prices Rise, GOP Blames President: Will it Harm Obama's Re-election Prospects? - International Business Times (external - login to view)
Since Iran is an exporter rather than an importer the sanctions just made her a whole lot of money, as well as all other oil exporters (like Saudi cause they will; be making up the difference for EU nations) but the ones who get hurt are the taxpayers of the Western Nations. The only thing that got accomplished is Iran sells more to the East and less to the West and OPEC gets a bonus round by upping it's exports.