Iran called for an oil embargo against Israel over its air strikes on Gaza, causing crude futures to rise.
(Bloomberg) — Iran called for an oil embargo against Israel over its air strikes on Gaza, causing crude futures to rise.
Iranian Foreign Minister Hossein Amirabdollahian said there should be an “an immediate and complete embargo on the Zionist regime by Islamic countries, an oil embargo against the regime,” according to a ministry statement on Telegram. He also urged Muslim countries to expel Israeli ambassadors.
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 10:37 a.m. 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 other Middle Eastern energy producers, including Saudi Arabia and the United Arab Emirates, have criticized Israel for its strikes on Gaza, they’ve not talked of halting sales to it or any of its allies.
Biden in Israel Says Hospital Blast Appears Done by ‘Other Team’
Amirabdollahian made the comments in Saudi Arabia at a summit of the Organisation of Islamic Cooperation, called to discuss the Israel-Hamas war.
The comments came as US President Joe Biden arrived in Tel Aviv in a bid to calm regional tensions and support Israel.
Iran has slammed Israel for its blockade of Gaza and civilian deaths in the territory. The Islamic Republic is an arch-enemy of Israel and backs Hamas. Tehran, though, has denied it was involved in the group’s Oct. 7 attacks on Israel, which killed more than 1,400 people.
More than 3,000 Palestinians have died since Israel began retaliatory strikes on Gaza.
The US and European Union designate Hamas a terrorist organization.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.