However, analysts said the global oil market will not be overly disrupted if parliament votes for the bill that would turn off the oil tap for Europe.
Robert Smith, a consultant at Facts Global Energy, told Reuters it will "not pose any serious threat to oil market stability".
Saudi Arabia has promised to make up for any shortfall in the market should Iranian oil becurbed, although it is also dependent on passage through the Strait of Hormuz shipping lane.
Potentially more disruptive to the world oil market and global security is the risk of Iran's standoff with the West escalating into military conflict.
Iran has repeatedly said it could close the vital strait if Western sanctions succeed in preventing it from exporting crude, a move Washington has said it would not tolerate.
The possibility of military conflict, though limited, cannot be ruled out, Michael O'Hanlon, a senior fellow at the Brookings Institution, told Xinhua News Agency.
If Iran develops a nuclear program for military use, Israel is likely to launch an attack eventually, he said.
The nuclear issue is the core problem between Iran and the West, said Yin Gang, an expert on Middle East studies at the Chinese Academy of Social Sciences.
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