Zanganeh: US Hostilities Against Iran Destabilizing Int’l Oil Market

Oil Minister Bijan Namdar Zanganeh said Monday US sanctions on Iran and Venezuela plus the renewed military conflict in Libya are contributing to instability in the international oil markets.
"Oil prices witnessed a pattern of ascending order in the past three months indicating the fact that the market is in trouble," Zanganeh was quoted as saying by IRNA.
Warning about the consequences of mounting pressure on Tehran, the minister noted that although global supply and demand for crude is balanced by and large, the situation remains very fragile.
Oil prices have risen more than 30% since January on the back of supply cuts led by the Organization of the Petroleum Exporting countries and Russia, the tough US sanctions on Iran and Venezuela oil exports along with the escalating conflict in OPEC-member Libya.