Iran warns that it could stop exporting oil, driving global crude prices up, should the US and allied Europe tighten sanctions further. For such a case, Tehran says, it has a contingency strategy to carry on without oil revenues.

“If you continue to add to the sanctions, we will stop our oil exports to the world,” Iranian Oil Minister Rostam Qasemi told reporters Tuesday. “The lack of Iranian oil in the market would drastically add to the price.”

Iran is currently under pressure from international sanctions, mainly in oil exports, imposed by the UN Security Council, the US and the EU in order to curb the Islamic Republic’s controversial nuclear program. Washington and some if its allies believe the program is being used to develop a nuclear weapon.

On October 15, the European Union foreign ministers approved a new package of sanctions targeting Iran’s financial, trade, energy, transportation and telecommunications sectors.

Earlier in October, American lawmakers also extended the already tough sanctions against Iran.

The measures have severely hurt the Islamic Republic’s economy.