Iran's parliamentary speaker, Mohammad Ghalibaf, said that international sanctions have backfired, as crude oil prices hit a new all-time high by December 31. The price surge of 19.5% pushed oil into triple digits, a level not seen before.
Ghalibaf's argument
Ghalibaf argued that the sanctions, which were intended to pressure Iran, have instead driven up global energy costs. He pointed to the record oil prices as evidence that the measures have failed to achieve their goal. The claim comes as Iran continues to face economic isolation.
The speaker's remarks directly challenge the effectiveness of the sanctions regime. He said the measures have backfired, hurting the global economy rather than Iran.
Record prices
Crude oil prices rose 19.5% over the course of the year, reaching a new all-time high on December 31. The price crossed the $100 per barrel mark, entering triple-digit territory for the first time. The increase represents a significant jump in energy costs worldwide.
The price milestone underscores the volatility in global oil markets. Ghalibaf's remarks highlight the ongoing debate over the effectiveness of sanctions as a tool of foreign policy.
The year-end record caps a period of sharp increases. The 19.5% gain is one of the largest annual rises in recent memory.
