Iranian Oil Minister Rostam Qassemi warned that sanctions against Iran's oil exports would hike crude prices in the world market, which will, in turn, have devastating consequences for western economies, Fars News reported.
"Lack of Iran's oil in global markets can affect energy prices across the world and prepare the ground for the creation of a broad crisis in the West's industrial economies," Qasemi said on Saturday.
The Iranian minister said Tehran may revise its policy about oil supplies to international markets if the "hegemonic" system proceeds with its efforts to exert more pressure on Iran.
He added that adverse repercussions of such a move would have impact on the people in industrial countries, and noted that "arrogant countries" should be held accountable for the consequences of an increase in energy price.
After the UN Security Council ratified a sanctions resolution against Iran on June 9, 2010, the United States and the European Union imposed further unilateral sanctions against the Islamic Republic over its nuclear program, mostly targeting the country's energy and banking sectors.
Tehran has always dismissed West's pressures and stressed that sanctions and embargos merely consolidate Iranians' national resolve to continue the path of progress.
The EU measure was ratified at a ministerial meeting in January, but the 27-member bloc deferred its implementation until July 1.
Meantime, Analysts believe that the EU started implementation of the sanctions against Iran at a time when it is experiencing its worst economic conditions.