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Iran Now Threatening to Cut Off All Oil Exports

iStockphoto/Thinkstock(TEHRAN, Iran) -- Iran warned the international community that if sanctions tighten further over its rogue nuclear program, Tehran will be left with no choice but to stop all oil exports.

If that happens, Iranian Oil Minister Rostam Qasemi said that prices of oil across the world will skyrocket.

Since August, Iran has seen its exports drop by 300,000 barrels daily because of U.S. and European Union sanctions.  This has caused prices of everyday items to soar, leaving many Iranians grumbling about how long the government can sustain such damage to the economy.

Petroleum experts believe that if Tehran moves ahead and halts all exports, the rest of the world will be able to manage but not Iran.

One analyst said that Iran would wind up "sanctioning itself," which is tantamount to economic suicide.

Copyright 2012 ABC News Radio

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