Iran Crisis ‘Could Drive Oil Over $90”

Oil markets are braced for a nail-biting week, as world leaders demand action against Iran over its nuclear ambitions, and analysts warn that crude prices could reach $90 a barrel if the oil-rich state retaliates by blocking supplies.

The International Atomic Energy Agency meets on Thursday to decide whether to refer Iran to the United Nations Security Council. Mahmoud Ahmadinejad, Iran’s president, has threatened to respond to any punitive action by cutting off the 2.6 million barrels of oil a day it pumps into the markets – 5 per cent of the world’s supply.
The Observer