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Iran Warns of Huge Oil Price Leap if Attacked
World | July 5, 2008, Saturday // 00:00
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Oil prices on the global market will jump to unprecedented levels in case of any aggression against Iran, the country's oil minister says. File photo
Oil prices on the global market will jump to unprecedented levels in case of any aggression against Iran, the country's oil minister said on Saturday.
"Even a slightest hint [on a possibility of the attack] will lead to an increase [in global oil prices] by USD 10-15, but in case of a real aggression against Iran, the oil prices will rise to unpredictable highs," Gholamhossein Nozari told reporters in Tehran, as cited by Ria Novosti.
"Any attack on our country will meet an incredibly powerful response," the minister added.
Rumours have long been circulating that an "imminent" attack on the Islamic Republic is planned by either the United States or Israel, in order to force Tehran to abandon its controversial uranium enrichment program.
Iran ranks fourth in terms of crude reserves after Saudi Arabia, Iraq and Kuwait, as well as fourth in terms of oil production after Saudi Arabia, the United States and Russia.
In the past two years, oil production in Iran exceeded 4 million barrels per day, currently at 4.21 million, which is a new record since the 1979 Islamic Revolution.
"Even a slightest hint [on a possibility of the attack] will lead to an increase [in global oil prices] by USD 10-15, but in case of a real aggression against Iran, the oil prices will rise to unpredictable highs," Gholamhossein Nozari told reporters in Tehran, as cited by Ria Novosti.
"Any attack on our country will meet an incredibly powerful response," the minister added.
Rumours have long been circulating that an "imminent" attack on the Islamic Republic is planned by either the United States or Israel, in order to force Tehran to abandon its controversial uranium enrichment program.
Iran ranks fourth in terms of crude reserves after Saudi Arabia, Iraq and Kuwait, as well as fourth in terms of oil production after Saudi Arabia, the United States and Russia.
In the past two years, oil production in Iran exceeded 4 million barrels per day, currently at 4.21 million, which is a new record since the 1979 Islamic Revolution.
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