Iran repeats oil is potential weapon in atomic row

TEHRAN (Reuters) – Iran on Sunday repeated threats that it was ready to use its massive oil exports as a weapon to defend itself if it felt in danger in an international dispute over its atomic program.

But Oil Minister Kazem Vaziri-Hamaneh said international sanctions on 2.5 million barrels per day of Iranian crude exports would be impractical and would send oil prices over $100 a barrel, up from around $70 now.

Iran has been hauled before the
U.N. Security Council over suspicions it is seeking nuclear missiles, a charge it denies. It could face economic sanctions and the United States has consistently declined to rule out military action.

Vaziri-Hamaneh said earlier this month the world’s fourth biggest crude producer would prefer not to play the oil card and would only do so to defend its rights.

Reuters