Iran's economy minister warned Sunday that oil prices could rise to unexpected levels if the Islamic republic was subjected to sanctions over its disputed nuclear programme, state television said.
"Any sanctions in the current situation would be more detrimental for the West than for Iran," Davoud Danesh-Jaafari was quoted as saying.
"Iran is in a very important regional situation, and any disturbance of the economic and political situation of the country could turn the regional situation into a crisis and increase the price of oil higher than what the West expects," he said.
"Iran has a high economic capacity, and by relying on its experience during the war (with Iraq from 1980-88) is ready to face any problem," he added.
Iran risks being referred to the UN Security Council over what the West suspects is a covert nuclear weapons drive. The Islamic republic, OPEC's number-two producer, insists it only want nuclear technology to generate electricity.
