Tuesday, December 6, 2011

Iran Warns of Oil at $250 a Barrel if Sanctions Imposed


Alarmed by the possibility of new Western penalties that could abruptly reduce or even halt its oil exports, Iran issued a warning on Monday that crude oil prices could more than double to $250 a barrel if such sanctions were given serious consideration. 

Iranian leaders are increasingly concerned that oil sales, Iran’s main source of income, are now at risk in ways that they were able to avoid in earlier rounds of Western sanctions. Those sanctions were imposed to press Iran, so far unsuccessfully, to halt its suspect nuclear program.

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