According to some rumors Iran stopped oil exports to six European countries as a respond to the latest sanctions imposed by the EU against Iran. The EU's 27 member states have decided to stop importing crude from Iran from July 1trying to increase pressures on Islamic state to suspend its nuclear program.

Yet officials denied those rumors, however oil advances following the news to the highest $102.52, while Brent rose to $118.77, but now crude retreated to the $101.70 level. Tensions persist as Iran is suspected to build an atomic bomb, while Tehran denies the accusations saying it's for peaceful purposes.