Chavez: oil could reach $100 per barrel

Venezuelan President Hugo Chavez on Thursday said the price of oil could reach $100 per barrel just a day after prices reached a record $74 amid supply concerns.

Speaking to reporters in Brazil, Chavez said the price of oil "could reach $100, it depends."

The leftist Chavez said U.S. threats of sanctions against Iran for its nuclear program are contributing to record energy prices.

Venezuela, the world's No. 5 oil exporter, has consistently sought to boost oil prices by supporting OPEC output cuts.