Gulf OPEC to ignore Iran oil supply cut call: source

DUBAI (Reuters) – Core OPEC oil producers in the Gulf would ignore Iran’s call for Islamic countries to cut supplies to supporters of Israel in response to the Israeli offensive in Gaza, an OPEC source said on Monday.

“There are no plans to do this and I think it is very unlikely,” the source told Reuters.

U.S. crude rose to a two-week high over $48 a barrel on Monday on concern that Israel’s assault on the Gaza strip could involve other Middle East countries that produce a third of the world’s crude.

An Iranian military commander on Sunday said Islamic countries could use oil to put pressure on Israel’s European and United States backers.

Reuters