By Anthony DiPaola and Maher Chmaytelli – Oct 23, 2012 7:36 AM PT

Iran will suspend all oil exports, pushing global crude prices higher, if the U.S. and Europetighten sanctions further on the OPEC member’s economy, Oil Minister Rostam Qasemi warned.

Oil Minister Rostam Qasemi said, “If you continue to add to the sanctions, we will stop our oil exports to the world.” Photographer: Vladimir Weiss/Bloomberg

“If you continue to add to the sanctions, we will stop our oil exports to the world,” he said at a news conference in Dubai. “The lack of Iranian oil in the market would drastically add to the price.”

Iran wants “reasonable” prices for crude and doesn’t seek an increase, he said earlier today. Brent crude for December settlement was $1.09 lower at $108.35 a barrel on the London- based ICE Futures Europe exchange at 2:36 p.m. local time. Prices for the grade have risen 11 percent since the European Union banned purchases of Iranian crude on July 1.

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