Iran's Foreign Ministry warned Sunday that the price of oil would more than double if the West considers banning the country's exports as part of escalating sanctions against the regime. "As soon as such an issue is raised seriously, the oil price would soar to above $250 a barrel," spokesman Ramin Mehmanparast said. Iran is facing the threat of further sanctions over its nuclear program after the United Nations issued a report containing evidence that a bomb was being sought.
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