Iran stops oil sales to France and UK

Iran's oil ministry has stopped selling its oil to France and Britain after the European Union imposed a boycott on Iran's oil last July.

Iran is suspending exports as tension rises in the Gulf over its nuclear program, helping send oil prices to the highest level in nine months, Bloomberg reports. The EU and US have imposed additional sanctions against the country, restricting trade and financial transactions.

"Exporting crude to British and French companies has been stopped ... we will sell our oil to new customers," spokesman Alireza Nikzad was quoted as saying on the oil ministry website.

Iran, the second-largest producer in the Organization of Petroleum Exporting Countries is also under four rounds of United Nations sanctions.

Rising concerns over the nature of Iran's nuclear programme have prompted the broadening of sanctions. It included a ban on the import of Iranian crude oil and a freeze on the assets of Iran's central bank in the EU.