Oil could hit $200 a barrel under new sanctions: Iran

World oil prices could soar to $200 per barrel if Irans petroleum sector is hit with new Western sanctions, Iranian Oil Minister Rostam Qasemi told Saturdays edition of a news weekly, Aseman.There is no doubt that the price of oil will increase drastically and the international markets will have to pay a heavy price, Qasemi was quoted as saying.One cant give accurate predictions, but sanctions on Irans oil will drive up the price of oil to at least 200 dollar per barrel, he said.Qasemi comments comes as the European Union was considering a possible EU embargo on Iranian oil imports. EU foreign ministers are to meet on the issue in a months time.US President Barack Obama is also expected to soon sign into law additional restrictions on Irans central bank, which acts as the main conduit for Iranian oil sales.The United States and its allies have already imposed unilateral sanctions on Irans economy.World oil prices slipped slightly in end-of-year trading, but still remained generally high because of the heightened tensions between the United States and Iran.Brent North Sea crude was at $107.02 per barrel in London, while New Yorks main contract, light sweet West Texas Intermediate crude, was at $98.99 a barrel.Iran on Saturday kept concern alive over its threat to close the Strait of Hormuz to oil tankers by readying war game missile tests near the entrance to the Gulf.Twenty percent of the worlds oil moves through the Strait of Hormuz, at the entrance of the Gulf, making it the most important chokepoint globally, according to information released Friday by the US Energy Information Administration.Iran is subject to four rounds of UN sanctions over its nuclear programme, which many Western countries allege is being used to develop atomic weapons. Tehran denies the allegation.