Iranian president Mahmoud Ahmadinejad says oil valued at $115 per barrel is priced too low.

State media reported his comments Saturday, as Iran hosted the Thirteenth International Oil, Gas and Petrochemical Industries and Products Exhibition. Mr. Ahmadinejad said $115 a barrel is "a deceiving figure." He said oil is a strategic commodity that needs to discover its real value.

Mr. Ahmadinejad was also quoted as saying oil should not be used as a "political tool against its owners in the hands of their rivals."

Crude oil briefly climbed to a high of $117 a barrel Friday before easing downward before the close of the day.

The Iranian leader also said the American dollar "is just a bunch of paper without any global support." Iran no longer uses the U.S. dollar in its oil transactions, opting instead for other currencies. Analysts say the weak dollar is one reason oil prices have climbed so high.