IEA says Europe can handle loss of Iranian oil

NEW YORK (MarketWatch)
The European Union could handle a sudden end to imports of Iranian oil because of changes already being made due to the EU's coming ban on Iranian shipments, an International Energy Agency official said Monday, according to media reports
"France and the U.K. have already stopped buying crude from Iran" ahead of an embargo scheduled to start in July, said Didier Houssin, the IEA's director of markets and security, Reuters reported
But Houssin also warned the standoff between the West and Iran did have the potential in hitting the global economy by pushing oil prices higher