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Iran warns of oil price hike if sanctions imposed

AFP | September 2 2006

Iran warned major oil-consuming nations Saturday that the imposition of UN sanctions over its refusal to halt uranium enrichment would lead to a rise in oil prices, Iranian news agencies reported.

"Sanctions on Iran and a sudden rise in global oil prices would hurt the economies of the large oil consuming nations," Deputy Foreign Minister Ali Reza Sheikh-Attar was quoted as saying.

"With the rise of every dollar in the oil price, the economy of the large oil-consuming nations will be affected," he added, without elaborating.

"We have devised different scenarios for the sanctions, and based on the opposite party's action we will implement our plans," he added.

Iran ignored a UN Security Council deadline Thursday to suspend uranium enrichment -- a process used to power a nuclear reactor but which can also be used to provide the fissile core of an atomic bomb.

The United States, leading the drive to impose sanctions on Iran, accuses it of seeking nuclear weapons, a charge it vehemently denies.

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