Iran Warns Oil Could Pass $150 a Barrel If a New War Begins
Iran has warned that crude oil prices on the international market could pass 150 US dollars a barrel. Hojjatul Islam Musa Ahmadi, head of the Iranian parliament's energy commission, said such a jump would happen if a new war were launched against Tehran or if the global oil supply system were disrupted.
He expressed the concern in an interview with Iranian local media on Sunday. The matter was reported by Iran's Mehr News outlet.
Ahmadi noted that amid the existing tensions the international oil price has already crossed 117 dollars a barrel, while the United States' own strategic reserves are also falling significantly. If the energy crisis is prolonged, he said, countries dependent on oil imports, besides Washington, would fall into severe economic and domestic political crises.
He said fuel inflation would not stay confined to a particular sector; costs across transport and industrial production would rise abnormally and inflationary pressure would intensify in import-dependent states. The US government would face an extreme challenge in protecting its own consumers and keeping the oil market stable, he added.
Reiterating Iran's firm position on keeping prolonged pressure on the fuel market, the parliamentary leader claimed Tehran can maintain this control because of its geographical strategic advantage and its armed forces' defence capability. Referring to the ongoing energy crises in several European countries including France, Italy, Portugal and Albania, he warned that even the slightest disruption to oil supply would push the economic foundations of the United States and the whole European region into extreme disaster.
