Oil prices jump 20-30% over Iran?

The International Monetary Fund warned that oil prices could soar by 20-30% - to $ 140 a barrel - because of sanctions against Iran by the countries of the Organisation for Economic Cooperation and Development (OECD), unless they find alternative supplies from developing countries.

"Stopping the supply of Iranian oil to the economies of OECD countries, not offset by other sources are likely to cause an initial increase in oil prices by 20-30%.Perhaps the finding of other exporters and the use of reserves will be offset rising over time, "said in a report to the IMF to the G20.
On Monday, the EU adopted a decision imposing an oil embargo on Iran. The EU's action came after the Islamic Republic announced earlier this month that the program continues to enrich uranium. Oil embargo against Iran should enter into force definitively on 1 July 2012
Iran threatened to retaliate by closing the Strait of Hormuz, a major route for transporting oil from the Middle East.
Closure of the Strait can cause a large increase in the oil price, including the restriction of supplies from other exporters in the region, says IMF