Iranian MP: Oil embargo to hurt US, European nations

Iranian Parliament Member Ali Adian said that the EU's embargo on the Islamic Republic's oil exports benefits no one but American and European politicians, and that it will have no effect on the Iranian economy.

"With the sanctions, the price of oil will increase, which will be to the disadvantage of Europe and the United States," he said, adding that the bulk of its oil sales don't go to Europe but to other markets. (AFP)