Kuwait oil exec: Prices may hit $160 with Iran conflict

February 6, 2012 16:57


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The European oil embargo on Iranian crude or any military action taken by the Islamic Republic in the Strait of Hormuz could send oil prices as high as $160 a barrel, a top Kuwaiti oil executive told the Kuwaiti daily Al Seyassa newspaper on Monday.

Even a continuing "disagreement between the European countries and Iran" could cause prices to rise, the managing financial director at the Kuwait Petroleum Corporation, Ali Ali Al Hajri said.

Still, Hajri said he believes such a jump in energy prices would be temporary, and would "return to normal after the disappearance of such circumstances."

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