TEHRAN (AFP) - Oil prices will soar to $250 a barrel if new US and EU sanctions being threatened against Iran are applied, the head of Irans parliamentary economic commission predicted, Keyhan newspaper reported Sunday. Should America and some European countries impose sanctions on our oil and gas, then global oil prices will hit $250 per barrel, Arsalan Fathipour was quoted as saying. The European Union on Thursday expanded a sanctions blacklist against Iranian firms and individuals and warned it was considering extra measures against Irans financial and oil sectors. At the same time, the US Congress is considering legislation targeting Irans central bank the nexus for receiving payment for oil exports despite White House concerns that Iran could benefit if oil prices shoot up. The mooted sanctions, coming on top of others announced on November 14 by the United States, Britain and Canada, seek to pressure Iran to halt its controversial nuclear activities. Oil prices on Friday closed at $100.96 a barrel for West Texas Intermediate crude, and $109.94 per barrel for Brent North Sea crude. The market is being influenced by the rising tensions over Iran OPECs second largest producer after Saudi Arabia and the economic situation in the United States and Europe. America and some European states are seeking to put sanctions against our oil and gas industry on their agenda, Fathipour said. But even mentioning such a thing will excite the global oil market and hike its global price, he said. China, the European Union, India, Japan, South Korea and Turkey are the main customers for Irans oil exports. Reuters adds: Iran warned the West on Sunday any move to block its oil exports would more than double crude prices with devastating consequences on a fragile global economy. As soon as such an issue is raised seriously the oil price would soar to above $250 a barrel, Foreign Ministry spokesman Ramin Mehmanparast said in a newspaper interview. The comments come as Iran strives to contain international reaction to the storming of the British embassy last week, a move which drew immediate condemnation from around the world and may galvanise support for tougher action against Tehran. Washington and EU countries were already discussing measures to restrict oil exports after the United Nations nuclear watchdog issued a report in November with what it said was evidence that Tehran had worked on designing an atom bomb. Iran says its nuclear programme is entirely peaceful. The US Senate voted on Thursday to penalise foreign financial institutions that do business with Irans central bank which takes payment for the 2.6 million barrels Iran exports a day. The European Union is considering a ban already in place in the United States on Iranian oil imports. So far neither Washington nor Brussels has finalised its move against the oil trade or the central bank amid fears of the possible impact on the global economy of restricting oil flows from the worlds fifth biggest exporter. But the British embassy attack dragged relations with Europe to a long-time low and Iran is now facing rising rhetoric about a direct hit on its main source of foreign earnings. Until recently, Iran had dismissed as ineffective mounting sanctions aimed at forcing it to halt its nuclear activities. Mehmanparasts comments show a more defensive stance. No one welcomes the sanctions, we know that sanctions create obstacles, but we want to say we will overcome these obstacles, Mehmanparast told Sharq daily. Imposing sanctions on oil and gas is among the sanctions that, if one wants to do that, the consequences should be fully considered before taking any action, Mehmanparast said. I do not think the situation in the world and especially in the West today is prepared enough to raise such discussions. Britains embassy in Tehran was ransacked on Tuesday after London announced unilateral sanctions on Irans central bank. London evacuated staff, closed the embassy and the biggest EU states withdrew their ambassadors in protests. Mehmanparast warned the EU on Saturday to avoid tying itself to British interests.