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News // Politics

US Move On Iran Sent Prices to All-Time Record

29 October 2007 , 09:10497
The US's attempt to impose sanctions on Iran sent oil prices to a new all-time record high of above $92 a barrel in New York.

On Thursday, the United States announced new sanctions against Iran. The sanctions include measures aimed at isolating three Iranian state-owned banks and more than 20 Iranian entities, including individuals and companies.

Russian President Vladimir Putin criticized the U.S. decision, saying the sanctions threaten to make the situation worse.

Meanwhile, in its lead article on Friday, The Washington Post warned that action against Iran would have dire consequences in petroleum markets.

The small amount of excess oil production capacity worldwide would provide an insufficient cushion if armed conflict disrupted supplies, warned the Post quoting oil experts.

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