Iran warns of soaring oil prices if it is subjected to economic sanctions. It is a strong manifestation of its defiance of international pressure over its nuclear program. Iran’s economy minister, Davoud Danesh-Jafari, claims the country’s position as the world’s fourth-largest oil producer. It means that such action would have grave consequences. He said this as diplomats from the US, Europe, Russia, and China met in London to discuss referring Tehran to the UN Security Council.
After crude oil prices last week rose above $64 (£36.50) a barrel as hopes faded of a diplomatic solution to the dispute Mr Danesh-Jafari’s comments ventilated trepidations by energy market analysts.
Mr Danesh-Jafari’s warning added weight to veiled threats by Iran’s president on Saturday. Iran had a “cheap means” of achieving its nuclear “rights”, Mr Ahmadinejad said, adding: “You [the west] need us more than we need you. All of you today need the Iranian nation.”
Via: The Guardian