Iran shrugs off EU oil embargo

A European Union embargo on Iranian oil went into effect on Sunday, provoking anger in Teheran which says the measure will hurt talks with world powers over its sensitive nuclear activities.

Iranian Oil Minister Rostam Qasemi said the Islamic republic is fully ready to confront the West's sanctions on the country's oil industry, the official IRNA news agency reported on Sunday.

Qasemi said Iran's oil has its own markets and the Iranian government has studied all the possible options in confronting the sanctions.