Iran’s ForeignMin Zarif: Iran will continue its oil exports under any conditions

According to a statement on the Iranian foreign ministry website late-Saturday, Iran’s Foreign Minister Mohammad Javad Zarif told his British counterpart Jeremy Hunt in a telephonic conversation that Iran will continue its oil exports under any conditions, Reuters reports.

Zarif urged that the UK should quickly release the Grace 1 oil tanker, which was seized last week by British Royal Marines off the coast of the British Mediterranean territory of Gibraltar 

In response to Zarif’s demand, Hunt tweeted: “Britain would facilitate the release of the tanker if Tehran gave guarantees it would not go to Syria.”

Oil bulls could turn cautious amid the headlines that Iran would continue with its oil exports. This could prompt a correction in both crude benchmarks that sit at seven-week highs.