Global crude prices have hit the $ 120 mark following a Press TV report about Iran’s contingency plan to cut oil exports to six European countries.

In Friday’s Asian trade, Brent crude was traded above USD 120 per barrel and the US light sweet crude rose to over USD 102 a barrel.

The price hike came on the heels of a Press TV report on Wednesday about Iran’s warning to cut oil exports to six European countries including the Netherlands, Spain, Italy, France, Greece and Portugal, unless European companies agree to strike long-term agreements and guarantee their payments.

Iran emphasized that it will only sell oil to those European companies that agree to strike long-term agreements and guarantee payment.

On January 23, EU foreign ministers approved sanctions against Iran, including a ban on Iranian oil imports, a freeze on the assets of the country’s Central Bank within EU states and a ban on selling diamonds, gold, and other precious metals to Tehran.

Earlier on the New Year’s Eve, the United States imposed fresh sanctions against Iran, aimed at preventing other countries from importing Iran’s oil and doing transactions with its central bank.

The United States, Israel and some of their allies accuse Tehran of pursuing military objectives in its nuclear program and have used this pretext to push for four rounds of UN sanctions and a series of unilateral sanctions against the Islamic Republic.

Iran has refuted the allegations, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty and member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful use.
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News ID 181504