"Iran's Oil Ministry has refuted media reports on the country stopping its crude exports to six EU nations on Wednesday. "We deny this report… If such a decision is made, it will be announced by Iran's Supreme National Security Council," a spokesman for the ministry told Reuters.
The European Commission has "absolutely no information" about the news and will check it, said the spokesman for Foreign Policy, Michael Mann. The initial news from Tehran nonetheless sent Brent crude prices up nearly $2 a barrel to $119.28, hitting a six-month high.
Iran’s state Press TV first reported that Tehran had cut off crude supplies to Spain, Italy, Greece, Portugal, France and the Netherlands. That would have fulfilled Iran's threat to retaliate for the EU’s oil embargo, agreed by the bloc in January. But then the news was reduced to the Iranian Foreign Ministry notifying the ambassadors of the six EU countries of the upcoming oil blockade."
Iran first makes the official announcement and then feverishly retracts it. The Powers That Be have intervened directly I'm certain. This was a show stopper and game winner for Iran, at the cost of the global economy. Iran is in full charge because of Peak Oil. I can only imagine the paroxysms of panic that were sweeping Europe's and America's inner chambers. And the card is still on the table according to Iran.
We should see many surprising and major developments between now and the weekend. -- MCR
Related video below: