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Kuwait City - Oil prices surged to U.S. threatened $ 160 perbarrel if the problem continues to prolonged embargo of Iranian oil. But high oil prices that will not soon return to normal levelswhen conditions eased.
"If the long-standing embargo of Iranian oil or in the case ofmilitary movements on the Canal closure of Hormuz, oil pricescould soar around U.S. $ 150-160 per barrel," said the KuwaitPetroleum Corporation Board member, Ali al-Hajeri told the dailyAl-Seyassah, as quoted from AFP on Monday (06/02/2012).
Hajeri added, prices will not last long and returned to normallevels if the reason for the increase was already gone.
As is known, the European Union has imposed an embargo onIranian oil imports. Tehran was behind the party threatened to close the Canal Hormuz, a strategic route for oil exports in the Gulf, if not allowed to export crude oil.
Hajeri also assess the oil price in the range U.S. $ 100-105 perbarrel at the moment is both fair and acceptable to producers orconsumers. And higher prices, will be counterproductive to theglobal economy.
On Monday in Asian trading, crude oil prices fell slightly following the completion of the endless problems of debt crisis in Greece.That sentiment offset supply disruptions in the Middle East andAfrica.
New York's main contract for West Texas Intermediate oil was recorded March delivery fell 54 cents to $ 97.30 per barrel. WhileBrent March delivery fell 4 cents to U.S. $ 114.54.
(Qom / dnl)
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