DIW warns of rising oil prices over Iran-UK row

LONDON (IranMania) – The ongoing crisis between Iran and Britain over the arrest of 15 British sailors who violated Iranian territorial waters, may trigger a rise in crude oil prices, according to an energy expert at the German Institute for Economic Research (DIW), IRNA reported.

“The oil price will develop towards the 70 dollar mark and won’t drop again,” DIW expert Caludia Kemfert told Saturday’s edition of the Duesseldorf-based Rheinischen Post.


She warned that a military escalation in the Middle East could spark a major energy crisis.

The crude oil price hovered over the range of 68 US dollars per barrel on Friday which is the highest level in the past six months.

IranMania