(NEW YORK) -- Oil prices have risen following Sunday’s announcement by the Iranian oil ministry of a halt in oil exports to Britain and France in response to the European Union’s sanctions on the nation in January.
Oil prices hit a nine-month high reaching $105 a barrel and could increase further if Iran proceeds with its threat to halt oil exports to other European nations. Gas prices have increased to 18 cents a gallon in the past month.
"The increase in price is a direct result of European importers of Iranian oil looking round to find alternative sources," said Professor Paul Stevens from Chatham House, reports BBC.
However, the increase in price is also attributed in part to an improvement in the economies of China and the United States.
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