Global oil prices could hit $200 per barrel if the United States pursues international sanctions against Iran, an Iranian official said on Thursday, although analysts passed the comment off as saber rattling.
Iran's Foreign Relations Vice Minister Manuchehr Mohammadi told Venezuelan state television, "The first consequence of these sanctions would be an increase in the price of oil to around $200 per barrel."
The statement comes after the United Nations on Monday demanded that Iran suspend all nuclear development within a month or face the threat of sanctions. Iran responded that it had a sovereign right to nuclear development.
"It serves (Iran's) interests to create this kind of concern in the world community about the price of oil," said Mark Routt, a senior analyst with Energy Security Analysis Inc. "But there are elements to suggest it might not reach that level."...
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