Iran Warns US Oil Could Cost $200 Per Barrel If It Is Sanctioned...

Reuters August 3, 2006 at 10:47 AM

Global oil prices could hit $200 per barrel if the United States pursues sanctions againstIran for its nuclear development program, an Iranian official told Venezuelan state TV on Thursday.

Iran's Foreign Relations Vice Minister Manuchehr Mohammadi said, "The first consequence of these sanctions would be an increase in the price of oil to around $200 per barrel."

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