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Iran says US responsible for oil price increase

Tehran,The Organization of the Petroleum Exporting Countries (OPEC) is not behind oil price increases and the US' decision is the reason for the surge of prices.

The best solution to the surge of prices in the oil market is that Washington gives up its plan to impose embargos on Iran's oil export, Iranian Energy Minister Bijan Zangeneh said.

He noted that the US' decision to impose sanctions on Iran's oil export led to growing market expectations for inflation and upward movement of prices.

The US President Donald Trump mounted pressure on Iran and on May 8 announced that Washington would withdraw from Iran's nuclear deal and re-impose nuclear-related sanctions on the country.

This is while most world powers, including Russia, China, and the European Union, have repeatedly stressed that keeping the deal is in the interest of the world peace and security.

Source: Islamic Republic News Agency - IRNA

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