Oil prices rise as Iran nuclear deadline passes

Oil rose above $61 Feb. 26 as UN Security Council plus Germany met in London to discuss tightening sanctions on Iran, the world’s fourth largest exporter. Oil prices reached a high of $78.40 on the Lebanon fighting last July, and dropped to a 20-month low of $49.90 in January. Prices have risen steadily since late January. Analysts cite a tightening supplies—OPEC has twice cut output since November—and concerns over a possible disruption of Iran’s supplies. (Gulf News, UAE, Feb. 27) The US is calling for further pressure following the expiration of the Feb. 21 deadline established by December’s UN Security Council Resolution 1737 for Tehran to halt its nuclear program. Iran says the resolution is illegal since it violates its right to peaceful nuclear technology under the Non-Proliferation Treaty (NPT). (Press TV, Iran, Feb. 26)

See our last posts on Iran and the struggle for control of oil, Iran’s nuclear program and Resolution 1737.