Iran's nuclear issue has got a new turn as the global pressure spirals up and it announced preparation to resume talks with western countries. The possibility of military attack on nuclear sites by Israel has still remained high. International community is worried about the consequence of such an attack on the regional and global political and economic stability. Even mere verbal controversies have caused panic in financial and economic spheres during past few months.

Fuel price has increased visibly though the EU oil sanctions against Islamic republic are not put into practice. According to the agreement among 27-nations EU, the sanctions will come into effect in July this year.
On the other hand, except the recent past request to resume talks, Tehran has not shown flexibility over its nuclear program. It has always emphasized that the program is peaceful and pursues civil purposes. But the international community, particularly, western countries are worried about the true intention behind the program.

During past years, they tried to convince Tehran to understand their concern and halt the program till their suspicions are cleared entirely, but efforts largely failed. They have started to try other options on the table like tightening sanctions. The oil embargo was the latest to show their resolve doing whatever it takes to prevent Tehran getting armed with Nuclear weapons.

In reaction, Tehran officials voiced out that sanctions would not work and they can replace EU whenever required. Since then there were sporadic statements to act tit for tat and halt oil export to EU before they stop importing. Last week, state media said that Iran was planning to cut off oil exports to six EU nations, but later it was modified as saying that the nation had no problem finding replacement customers for the European shipments.

But on Sunday, February 19, a statement posted on the oil ministry's website said that Iran has halted oil shipments to Britain and France. The measure was recognized as apparent pre-emptive blow against EU sanctions.

It is not clear when the statement comes true, but the stoppage of oil shipment can indeed affect the fuel price in the global market because longer period is needed to replace the gap that would be created by Iran's pullout from the energy market. Presently, the energy market is not in a good condition and stoppage of oil shipment will further fuel panic which is of course a tense situation.