An Iranian lawmaker said Sunday that Tehran was seeking to push global oil prices above $110 a barrel and warned that if Iran could not export oil and petroleum products from the region, other countries would not be allowed to do so either.
“We are doing everything we can to push the global oil price above the $110 threshold,” Abdolhossein Hemmati, secretary of parliament’s Energy Committee, told the IRGC-affiliated Fars news agency. He added that regional conditions left room for prices to rise further.
Hemmati said global oil markets were highly sensitive to political and security developments in the region and that any disruption to energy transportation routes could drive prices higher.
He pointed to developments in Yemen and threats to regional oil facilities and infrastructure as factors increasing concerns over supplies. Restrictions on tanker traffic or greater insecurity in the Strait of Hormuz would also increase market risks, he said.
“If Iran is unable to export its oil and petroleum products from the region, no other country will be allowed to export through this route either,” Hemmati said.
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