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Vice chairman of the Energy Committee of Majlis (Iran’s parliament) predicted that oil price would rise to 120 dollars if tensions in the Middle East continued.
Nasser Sudani told PIN in case tensions between regional countries like Iraq and Turkey mounted and led to the outbreak of a war, oil price would reach 120 dollars.
He also blamed U.S. threats against Iran for the increase in oil price, warning that sanctions against Iran and military threats against Syria and Lebanon would cause a new crisis in the Middle East and consequently in the world.
The lawmaker referred to the unprecedented economic crisis in the United States and added the U.S. and some Western countries had attempted to stockpile oil in a bid to lift oil output, leading to an increase in demand for the commodity and in its price.
“In the meantime, oil price jumps as cold season approaches,” said the MP.