"In the current situation, the Islamic Republic is not advocating high prices for oil," Iranian Oil Minister stressed.

“Iran always favors reasonable prices for oil so that producers are not encouraged to produce more oil and there is no disruption in the global economic growth either” pointed out Bijan Namdar Zanganeh addressing a ceremony to inaugurate the 23rd International Oil, Gas, Refining and Petrochemical Exhibition in Tehran.

“The price of oil should not be such that the oil market is constantly fluctuating…,” the Iranian minister added.

“In the current situation, we are not an advocate of high oil prices,” he said, adding that artificial tensions, not basic factors, have led to recent hikes in oil prices.

Zanganeh also highlighted Iran’s role in protecting the oil market against politicizing oil prices and said the Islamic Republic has played a major role in the global energy markets for about 110 years.

Oil prices rose about 2 percent on Friday, with Brent settling up $1.25 at $74.87 a barrel, as global supplies remained tight. US crude has hit its highest in more than three years, according to media reports.

/SR