Is there growing instability for world oil prices?
*Financial Times, by Gareth Smyth and Najmeh Bozorgmehr, March 26, 2007
“Oil broke through $64 a barrel on Monday, setting a fresh 2007 record, on heightened geopolitical tensions between Iran and the west as Tehran vowed to continue its atomic programme despite new UN sanctions. Iran said on Sunday it would limit co-operation with the UN in retaliation for new financial and arms sanctions adopted by the Security Council which demanded that Iran cease its uranium enrichment programme.
Tehran has also said it might charge the 15 British personnel it seized on Friday with illegally entering its waters. Saturday’s UN resolution bans arms exports by Iran and freezes the assets of more than two dozen entities and individuals, including Iran’s Bank Sepah and commanders of the Revolutionary Guards, the elite force that the UK says was responsible for capturing the British personnel.
On Monday, Brent crude futures rose 93 cents to $64.11 a barrel on the International Petroleum Exchange in London. US crude prices rose 72 cents to $63.00 a barrel.”
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