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Keyword: antiwarchurchillbuff

Oil prices could spike, Saudi warns (says war in Iran could double or triple oil prices)

06/20/2006 8:40:58 PM PDT · by churchillbuff · 40 replies · 849+ views
us news ^ | June 20, 06 | Marianne Lavelle

World oil prices could double or triple over the current painful $70-per-barrel level if diplomacy failed and military conflict broke out over Iran's nuclear ambitions, Saudi Ambassador Prince Turki al-Faisal warned this morning. "We don't know" what will happen if the United States chooses a military option in Iran, al-Faisal said, but "if there is military conflict, if bombs are dropped, ships are blown up, oil facilities on our side of the gulf are targeted . . . just the idea of somebody firing a missile at an installation somewhere would shoot up the price of oil astronomically." In such...

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