Nozari said Saturday with speculation growing of a possible assault on Iran, the cost of crude oil prices would undoubtedly increase if such an attack ever occurred, Alalam reported.

Iran is the second-largest crude oil producer among all members of the Organization of the Petroleum Exporting Countries, Nozari noted.

Nozari's comments came in the wake of reports that Israel was considering conducting military strikes against Iranian nuclear sites, the Middle East news network said.

"Iran, if there were any kind of activity of any sort, is not going to be quiet and would react fiercely," the minister said.

"When just a statement (about a possible attack) makes this much volatility in the market, can you imagine that if any action happens ... what would be the result in the oil market?"