Crude oil prices could hit $150-$200 a barrel if Bush is “mad enough” to strike Iran, Venezuelan President Hugo Chavez warned today at the OPEC summit. “The basis of all aggression is oil,” said Chavez, arguing that OPEC should set itself up as “an active geopolitical agent.” Saudi Arabia’s King Abdullah countered, saying “Oil shouldn’t be a tool for conflict, [but for] development.”
Saudi Arabia also rebuked Iran's plan to convey concern over the weak US dollar—oil’s currency—arguing it could weaken the currency further. The dollar's low value, global tensions, and low oil supply have all spiked oil prices, the BBC reports. OPEC countries caused a further increase yesterday when they announced that oil production will not be changed until energy ministers meet next month.