By KATE GIBSON
The European Union (EU) could handle a sudden end to imports of Iranian oil because of changes already being made due to the EU’s coming ban on Iranian shipments, an International Energy Agency (IEA) official said Monday, according to media reports.
"France and the UK have already stopped buying crude from Iran" ahead of an embargo scheduled to start in July, said Didier Houssin, the IEA's director of markets and security, Reuters reported.
But Houssin also warned the standoff between the West and Iran did have the potential in hitting the global economy by pushing oil prices higher.
On Monday, they climbed to a nine-month high above $105/bbl in electronic trade on the New York Mercantile Exchange.
Floor trading was closed due to the US Presidents Day holiday.
Dow Jones Newswires