Al Jazeera reports: The International Monetary Fund (IMF) has warned that global crude prices could rise as much as 30 per cent if Iran halted oil exports as a result of US and European Union sanctions.

If Iran halts exports to countries without offsets from other sources, it would likely trigger an “initial” oil price jump of 20 to 30 per cent, or about $20 to $30 per barrel, the IMF said in its first public comment on a possible Iranian oil supply disruption.

The IMF highlighted the risks of rising tensions over Iran sanctions in a note on Wednesday sent to deputies from G20 countries who met in Mexico City last week.

The price impact caused by a cut in Iranian exports could be exacerbated by below average oil stocks in many countries, the result of tight oil market conditions through much of last year, the IMF said.