Crude may hit $70, says Iran

Asked by reporters how high the price of oil could go, he said: “Experts say it may reach $70. We think it may happen by the end of this year.”

He did not specify which type of crude oil he was referring to but benchmark US light, sweet futures have soared more than 40 per cent since the start of the year to touch an all-time high of $62.30 barrel on Monday.

Iran is the second-biggest member of the Opec, which has been pumping crude at its highest rate in a quarter century this year.