Oil prices would go over $100/barrel if US attacked Iran: Chavez

Oil prices would go over $100/barrel if US attacked Iran: Chavez

London (Platts)--15May2006

World oil prices would rise to over $100/barrel in the event of any US
strike against Iran as a result of the escalating tension over Tehran's
nuclear program, Venezuelan President Hugo Chavez said Monday.

"If there is any aggression against Iran, oil prices will increase from
$70 to over $100/barrel," Chavez told reporters in London, when asked what
impact any US action against Iran could have on oil prices.

"I am sure that Iran is not developing a nuclear bomb," Chavez added.

On Sunday, Iranian President Mahmoud Ahmadinejad said that any new deal
offered by European powers aimed at halting Iran's civilian nuclear activities
would be rejected.

Chavez would not be drawn on whether Venezuela would suspend its own oil
exports to the US in sympathy in the event of a strike on Iran. "I cannot
answer that, we don't want to suspend [oil exports to the US]. We are
responsible citizens despite the aggression of the US," he said.

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