Global Processing

Iran halts crude exports to UK, France

February 20, 2012

TEHRAN — Iran halted crude exports to France and the UK on Sunday in a move to preempt a European Union ban, Bloomberg reported.

Iran is suspending exports as tension rises in the Gulf over its nuclear program, sending oil prices to the highest level in nine months.

The EU and U.S. have imposed additional sanctions against the country, restricting trade and financial transactions, the article stated.