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Published 15 Feb, 2012 01:01pm

Oil prices escalate as Iran cuts supply to six EU nations

No details were immediately made available on the Press TV report Wednesday, including which six nations were affected by the decision.

The move comes days after Iran's oil minister, Rostam Qassemi, said Tehran could cut off oil exports to "hostile" European nations as tensions rise over the Islamic Republic's nuclear program.

Iran argues that the EU oil embargo will not cripple its economy, claiming that the country already has identified new customers. European sales account for about 18 percent of Iran's total crude exports.

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