Oil will reach $200 if US invades Iran, Chavez says (would halt VZ exports) [View All]

[Purveyor]

Source: Bloomberg News

By Steven Bodzin

CARACAS, Venezuela (Bloomberg): Oil prices will jump to $200 a barrel if the US invades Iran, which would cut off supply, Venezuelan President Hugo Chavez said.

"If the US happens to invade Iran, oil will not just reach $100, but $200 per barrel," Chavez said. "Not one drop of oil will leave Iran" in an invasion.

"The same would happen here," as the people of the country will halt exports, he said.

US leaders including President George W. Bush and Vice President Dick Cheney have said that Iran's nuclear program represents a potential threat and have refused to rule out the use of force. Congress hasn't passed proposals restricting action against the country, the second-biggest oil producer in the Organization of Petroleum Exporting Countries.


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