From Iran Focus:

TEHRAN (Reuters) – The weak U.S. dollar is the main reason behind oil prices rising to record levels, not demand or supply factors, an Iranian Oil Ministry official was quoted as saying on Saturday.

“We must be aware that it is not the price of crude oil that has risen but the dollar value that has weakened,” said Mohammad Ali Khatibi, deputy director of international affairs at the National Iranian Oil Company.

“Currently the prices of crude oil do not follow supply and demand and they will gain moderation in the event of improvement in (the value of) the dollar,” he was quoted as saying by the Oil Ministry website Shana.

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