Oil prices could hit $300 if US attacks Iran: Qatar

March 13th, 2008 - 7:29 pm ICT by admin  

Amman, March 13 (DPA) Qatar’s Energy Minister Abdullah bin Hamad al-Attiyah warned Wednesday that crude oil prices could reach $300 per barrel or more if the US attacks Iran. But al-Attiyah told the Doha-based Aljazeera satellite network that he personally “excluded this scenario,” because US President George W. Bush had little time left in the White House.

“In case Bush decides to carry out his threats to attack Iran, then oil prices may jump to unprecedented levels, perhaps to $200 or $300 or more or less,” the Qatari minister said.

Though it refuses to rule out any military options, the Bush administration has regularly said it has no plans to attack Iran as it confronts the Islamic nation over its nuclear programme.

Al-Attiyah also attributed the recent record rises in oil prices over the past few months to “political tensions and speculation rather than supply shortages”.

Bush has pushed the OPEC cartel to increase production, saying high energy prices were in part to blame for the US economic slowdown. Crude oil rose above $110 per barrel for the first time in New York trading Wednesday.

The 13-member OPEC oil cartel includes four Arab countries in the Gulf region - Qatar, Saudi Arabia, Kuwait and United Arab Emirates.

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