Even as Japan is going to load its first domestically guaranteed shipment of Iranian oil after European Union embargo which came into effect on July 1 the Italian envoy to Iran says the oil embargo against Tehran will take its toll on the oil-consuming countries’ economy and create tension in the global oil markets.

Iran’s oil embargoes will definitely affect Italy, given its current unfavorable economic conditions, Alberto Bradanini, the ambassador was quoted by IRNA on Saturday.

Stating that Italy is one of the main buyers of the Iranian crude oil, the Italian diplomat reiterated that the sanctions would not affect Tehran, however, they would have (negative) consequences on the international oil markets.

According to Italy’s oil refining industry body Unione Petrolifera (UP), the European country raised crude imports from Iran to 425,200 tons in March from 401,600 tons in February, indicating a six percent increase.

In the same way, Brazilian Ambassador to Tehran Antonio Luis Espinola Salgado and Vietnamese envoy to Iran Tran Trong Khanh expressed their countries’ opposition to the West’s ‘unilateral’ sanctions against the Islamic Republic of Iran, saying the embargoes would harm the stability of the world oil markets.

It needs to be recalled that on January 23, under pressure from the United States, the European Union (EU) approved new sanctions on oil and financial sectors of Iran. The sanctions are meant to prevent EU member states from buying Iranian crude or doing business with its central bank. The sanctions went into force as of July 1.

The United States and the European Union have imposed tough financial sanctions as well as oil embargoes against Iran since the beginning of 2012.

Meanwhile, reports said that Japan is going to load its first domestically guaranteed shipment of Iranian oil after EU embargo.

Report said that JX Nippon Oil and Energy Corp and Idemitsu Kosan Co will load 1.7 million barrels of Iranian oil at Kharg island on July 20.

Reports also said that like Japan other U.S. ally, South Korea too is thinking in term of importing Iranian crude oil.