Iran Sanctions Could Mean $100 Barrel of Oil

Rapidly deteriorating relations between the West and Iran, Opec’s second biggest oil producer and the world’s fourth-largest exporter, could see energy prices hit record highs in coming weeks.

Experts warn that the growing tension over Iraq’s nuclear programme, and the possible withdrawal of Iranian oil from the market if sanctions are imposed, has put a new floor under oil prices at above $60 a barrel.

“If Iran stopped exporting it would be a major shock for world markets,” said Manouchehr Takin, an analyst at the London-based Centre for Global Energy Studies, suggesting that even oil at $100 a barrel might be possible.
MPH Magazine