Netanyahu’s speech at a conference on environmentally friendly economic growth in al-Quds (Jerusalem) on Tuesday was disrupted several times by protestors demonstrating against his anti-Iran rhetoric, Israel’s Channel 2 television network reported.
"Everyone needs to understand that if we're worried today about rising oil prices we shall be far more worried if Iran, heaven forbid, gains control over the energy centers in the Persian Gulf," he said.
The Israeli prime minister added, “Iran would be able to dictate far higher oil prices and, by so doing, choke the world economy."
"Anyone who is interested in stopping the manipulative use of oil production, its influence on world markets, the threats to the world's economies, must also for that reason enlist to stop Iran's nuclear race," Netanyahu commented.
European Union foreign ministers agreed on January 23 to ban oil imports from Iran and to freeze the assets of the Iranian Central Bank across the EU. The sanctions will become fully effective on July 1, 2012, to give EU member states enough time to adjust to the new conditions and find alternative crude oil supplies.
The EU decision followed the imposition of similar sanctions by Washington on Iranian energy and financial sectors on New Year’s Eve which seek to punish other countries for buying Iran oil or dealing with the its central bank.
On February 16, Iran stopped oil exports to British and French firms in line with the decision to end crude exports to six European states in response to sanctions imposed on the country’s energy sector.
The announcement caused a major spike in oil prices pushing the price of crude to over 122 dollars a barrel.
Iranian officials have repeatedly said that the country has no problem exporting and selling crude oil to its customers.
Iran announced on February 21 that it will only continue exporting oil to the European Union if the member states give a guarantee to pay the price and sign medium- and long-term oil purchase contracts.