Today in New Delhi, India
Oct 23, 2018-Tuesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Iran warns of oil crisis in case of sanctions

Iran again warned Western nations they risked sparking an oil crisis if economic sanctions were imposed on Tehran.

india Updated: Jan 19, 2006 17:28 IST

Iran again warned Western nations on Thursday they risked sparking an oil crisis if economic sanctions were imposed on Tehran over its nuclear activities.

"In case of sanctions, other countries will suffer as well Iran, but the damage will be more for them, because one of the consequences will be the unleashing of a crisis in the oil sector and particularly a price hike," Oil Minister Davoud Danesh-Jafari said, according to the official news agency IRNA.

However, the minister did not raise the possibility of any suspension or restriction of Iranian oil supplies in case of sanctions.

First Published: Jan 19, 2006 17:28 IST