Iran hints at oil price hike over sanctions

As the standoff over its nuclear programme continues Iran’s foreign minister has said Tehran responds better to diplomacy than to threats. Manouchehr Mottaki said referring Iran to the Security Council was not the way forward:

“We repeatedly explained our position- that language of threat is not a good choice in diplomacy.” Iran is also talking tough over oil. It is the world’s fourth largest exporter of crude, and the economy minister has said any possible sanctions could send energy prices sky high. The UN Security Council’s five permanent members plus Germany are meeting this week to discuss a common strategy on Iran. The crisis was escalated last week when Iran removed seals on equipment used to purify uranium, a key ingredient for nuclear power stations, but also, when enriched, for nuclear bombs.

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