March 5 (Bloomberg) -- Oil prices could surge to as much as $250 a barrel if terrorists attack oil tankers and reserves in Libya and the Middle East, Britain’s International Development Minister Alan Duncan, a former oil trader, told the Times.
Such a gain in the oil price would cause a “serious spike” in fuel prices to about 2 pounds ($3.25) per liter, Duncan said in an interview in the London-based Times newspaper.
Oil prices of $200 a barrel are “on the cards” if anyone is “reckless and foments unrest,” Duncan was quoted as saying by the newspaper.
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