12/31/2011

TEHRAN — Iran’s oil minister said crude prices will rise to more than $200 per barrel if foreign sanctions are imposed on the country’s oil exports over its disputed nuclear work, the Aseman weekly reported on Saturday.

“Undoubtedly the price of crude will increase dramatically if sanctions are imposed on our oil … It will reach at least over $200 per barrel,” Oil Minister Rostam Qasemi told the weekly. — Reuters