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Iran: sanctions will mean costly oil

TEHRAN, June 25 (UPI) -- Iran has threatened to use its oil supply as leverage against sanctions, with officials saying it could boost prices to $100 per barrel.

Iranian Petroleum Minister Kazeem Vaziri Hamane said Tehran would retaliate against any sanctions by withholding the 2.5 million barrels of oil it produces each day, RIA Novosti reported Sunday.

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Iran is being pressed to stop enriching uranium and a U.S.-led group of nations is pushing for U.N. Security Council sanctions.

Iran insists it is processing uranium for peaceful nuclear energy needs, not weapons, and says it has a sovereign right to do so.

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