Anti-Israeli feelings have been running high in Iran
The state news agency quoted Bijan Zanganeh as saying that "an embargo against Israel and its allies can be effective in stopping the continuation of the Zionist regime's criminal operations against the oppressed Palestinian nation".
Mr Zanganeh said the embargo would only be effective if other countries enforced it simultaneously, the Islamic Republic News Agency (Irna) reported.
Iran, which does not recognise Israel, is the second largest Opec oil exporter after Saudi Arabia.
He "emphasised the need for coordination from all freedom-loving and independent countries," Irna said.
The agency said Zanganeh was calling on "Opec and non-Opec oil-producing countries to support the sanctions call in word and deed and as a humanitarian gesture".
Embargo proposals
The idea of an Iranian embargo was first raised in early April by Iran's Supreme Leader, Ayatollah Ali Khamenei.
Ten days later, the Iranian President, Mohammad Khatami, called on Islamic states to impose a comprehensive one-month oil boycott on Israel's main supporters.
He outlined a proposal for the embargo in letters to the emir of Qatar, who currently chairs the Organisation of Islamic Conference (OIC), and to the leaders of Saudi Arabia, Kuwait and the United Arab Emirates.
Saudi Arabia and Kuwait had already turned down a call from Iraq's Saddam Hussein for an Arab oil boycott against Israel's supporters.
Iraq has imposed a unilateral embargo. It halted oil exports on 8 April for one month.