World Oil Prices Could Triple if Iran Standoff Escalates
World oil prices could triple if the West’s stand-off over Iran’s nuclear programme escalates into conflict, the Saudi Arabian government has warned. The Saudi ambassador to the US, Prince Turki Al-Faisal, said such an event could send prices spiralling from their current level of about $70 per barrel. Iran is the Opec cartel’s number two oil producer and analysts fear it could halt exports if the dispute worsens. Tehran is currently examining proposals aimed at ending the diplomatic impasse.
Scare mongers are already ringing the bell of warning, stating that oil prices will more than triple in the event of a war with Iran. One wonders if these scare tactics are being perpetrated by the big oil conglomerates. You have to expect that the prices will increase substantially in the event of a war as Iran is a major player. But to start the panic now is silly.