Iran says oil may hit $150 a barrel

Oil prices could rise as high as $150 (€113) a barrel because of the EU ban on imports of Iranian crude, the country’s deputy oil minister was quoted as saying yesterday by the Islamic Republic News Agency.

“Although a precise prediction cannot be made on oil prices, it seems we will witness a $120 to $150 oil price per barrel in future,” said Ahmad Qalebani.

Benchmark Brent crude prices rose to around $111.50 a barrel on Friday on expectations Iran’s parliament will vote to halt exports to the EU as early as next week in retaliation for EU plans to stop all Iranian crude imports by July.