December 11, 2023

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Iran urges Islamic nations to impose oil embargo, other sanctions on Israel

Members of the Organisation of Islamic Cooperation (OIC) should impose an oil embargo and other sanctions on Israel and expel all Israeli ambassadors, Iranian foreign minister Hossein Amirabdollahian said on Wednesday. An urgent meeting of the OIC is taking place in the Saudi city of Jeddah to discuss the escalating Israeli-Palestinian conflict, after a blast at a Gaza hospital killed large numbers of Palestinians. “The foreign minister calls for an immediate and complete embargo on Israel by Islamic countries, including oil sanctions, in addition to expelling Israeli ambassadors if relations with the Zionist regime have been established,” the Iranian foreign ministry said. Amirabdollahian also called for documentation of potential war crimes committed by Israel in Gaza.
Brent crude extended gains, rising as much as 3.5% following the comments. It traded 3.1% higher at $92.67 a barrel as of 10.37am in London. Oil traders are increasingly concerned that Israel’s war on Hamas will spread and potentially draw in Iran – a major oil exporter – and its allies such as Hezbollah in Lebanon. Still, Israel is a small importer. And while otherWest Asia energy producers, including Saudi Arabia and the UAE, have criticized Israel for its strikes on Gaza, they’ve not talked of halting sales to it or any of its allies.
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