Oil embargo to cause 'unstable' market: Iranian minister

VIENNA: A looming oil embargo on Iran, related to its controversial nuclear programme, will destabilise the global oil market and spark higher prices, Iranian Oil Minister Rostam Qasemi warned Wednesday in Vienna.

Planned E.U. Oil Embargo Looks Set To Squeeze Iran

On July 1, the European Union says it will stop buying oil from Iran. Europe is one the most important markets for Iran's oil, and in anticipation of the boycott, Iranian oil exports worldwide are already down by more than 25 percent.

Iran-fueled oil price spike biggest threat to economy

NEW YORK (CNNMoney) -- An oil price spike caused by a confrontation with Iran is now seen as the biggest threat to the U.S. economy.