Venezuelan President Hugo Chavez said Saturday that the price of oil would skyrocket if the United States were to attack Iran. Oil currently costs approximately $100 a barrel. Speaking at an Organization of the Petroleum Exporting Countries (OPEC) conference in Saudi Arabia, Chavez said prices would rise to $200 a barrel in case of an attack.
Several nations have asked OPEC to increase the supply of crude oil in order to decrease prices. Chavez opposed the requests, saying Saturday that $100 per barrel was “fair.”