Business | Oil & Gas

Attack on Iran will greatly raise oil prices - oil minister

Iran's oil minister said any military attack aimed at curbing Tehran's nuclear work will push crude prices to "unpredictable" highs, the website of the country's Oil Ministry reported on Saturday.

  • Agencies
  • Published: 14:26 July 5, 2008
  • Gulf News

Tehran: Iran's oil minister said any military attack aimed at curbing Tehran's nuclear work will push crude prices to "unpredictable" highs, the website of the country's Oil Ministry reported on Saturday.

"When oil prices change by $10 to $15 by official comments (about the market), oil prices will be pushed to unpredictable highs if some take an unwise decision to attack Iran," it quoted Oil Minister Gholamhossein Nozari as saying.

The Islamic Republic insists its nuclear programme is peaceful and aimed at generating electricity. But the West and Israel fear Iran is seeking to build atomic bombs. Israel is believed to be the only Middle East state with nuclear arms.

Speculation about a possible attack on Iran because of its disputed nuclear ambitions has risen since a report this month said Israel had practised such a strike, prompting increasingly tough talk of retaliation, if pushed, from Tehran.

Iran's elite Revolutionary Guards warned last week Tehran would impose controls on shipping in the vital Gulf oil route if Iran was attacked.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

Related Articles

  1. Iran responds to incentives package

    Iran hands Solana response to incentives package

  2. No change in nuclear stance, says Iran

    No change in nuclear stance, says Iran

    Iran says it will not change its nuclear stance

  3. US turns the heat on Iran attack speculation

    US turns the heat on Iran attack speculation

More from Oil & Gas

  1. Yemen sends its first LNG shipment

  2. ABB signs deal for Abu Dhabi crude pipeline

  3. Dubai Mercantile Exchange seeks more oil producers

  4. Oil falls below $77 ahead of US data

All articles in Oil & Gas

More from Business

Gulf News
Popular in Business
Precious jump
General

Precious jump

Gold prices at new high as India's central bank buys $6.7b worth of gold

Business Editor's choice