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Iran says oil would go over $250 if exports banned

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Ramin Mostafavi and Robin Pomeroy
Reuters
December 4, 2011

(Reuters) – 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 galvanize 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.

Full story here.

This article was posted: Sunday, December 4, 2011 at 3:35 pm





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