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On Friday President Obama and other Western leaders accused Iran of building a secret nuclear fuel plant and demanded Tehran immediately halt what they called a "direct challenge" to the international community.
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The President went on to say the United States preferred diplomacy in dealing with Iran over its nuclear program, but would consider imposing "sanctions that bite" if the diplomatic track did not work.
Iran acknowledged the facility's existence for the first time in a letter Monday to the Vienna-based IAEA contending, "Iran's activities with respect to the peaceful use of nuclear technology are completely within the framework of IAEA rules and under its supervision."
In the wake of rising tension, how should you trade oil?
Short term oil had every reason to move higher on Friday and it didn’t, says Joe Terranova. Ontop of Iran the dollar was weaker and Goldman reiterated its call for $85 oil. But the price barely budged.
However, I would not short oil, because if the rhetoric increases we could see a super-spike in the price of crude. I would be watchful.
However, right now I'm more concerned that from a technical perspective, oil looks a little broken.
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Trader disclosure: On Sept. 25th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (GS), (INTC), (NUE), (MSFT); Finerman's Firm And Finerman Own (BAC) Preferred Shares, Finerman Owns (BAC); Finerma'ns Firm Owns (MSFT), (TGT); Finerman's Firm And Finerman Own (WFC) Preferred Shares; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (UNG), (USO); Grasso Owns (AAPL), (ABK), (ASTM), (BAC), (C), (COST), (CSCO), (PFE), (PRST), (V), (WMT), (FAZ); Terranova Owns (F)
GE Is The Parent Company Of CNBC
For Steve Grasso
Stuart Frankel & Co. Or Grasso's Partners Owns (ACS)
Stuart Frankel & Co. Or Grasso's Partners Owns (CUBA)
Stuart Frankel & Co. Or Grasso's Partners Owns (GERN)
Stuart Frankel & Co. Or Grasso's Partners Owns (HSPO)
Stuart Frankel & Co. Or Grasso's Partners Owns (MSFT)
Stuart Frankel & Co. Or Grasso's Partners Owns (NWS.A)
Stuart Frankel & Co. Or Grasso's Partners Owns (NXST)
Stuart Frankel & Co. Or Grasso's Partners Owns (NYX)
Stuart Frankel & Co. Or Grasso's Partners Owns (PDE)
Stuart Frankel & Co. Or Grasso's Partners Owns (PFE)
Stuart Frankel & Co. Or Grasso's Partners Owns (PRST)
Stuart Frankel & Co. Or Grasso's Partners Owns (RDC)
Stuart Frankel & Co. Or Grasso's Partners Owns (ROK)
Stuart Frankel & Co. Or Grasso's Partners Owns (STWD)
Stuart Frankel & Co. Or Grasso's Partners Owns (TLM)
Stuart Frankel & Co. Or Grasso's Partners Owns (VR)
Stuart Frankel & Co. Or Grasso's Partners Owns (XOM)
Stuart Frankel & Co. Or Grasso's Partners Owns (XRX)
Stuart Frankel & Co. Or Grasso's Partners Owns (SDS)
Stuart Frankel & Co. Or Grasso's Partners Is Short (QQQQ)
Stuart Frankel & Co. Or Grasso's Partners Is Short (CL)
For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Diversifier PHOLIO Owns (IGE)
Virtus Diversifier PHOLIO Owns (DBC)
Virtus Diversifier PHOLIO Owns (DBV)
Virtus Investment Partners Owns More Than 1% Of (CAL)
Virtus Investment Partners Owns More Than 1% Of (DLR)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (IGE)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (SKT)
Virtus Investment Partners Owns More Than 1% Of (TNB)
Virtus Investment Partners Owns More Than 1% Of (UA)
Virtus Investment Partners Owns More Than 1% Of (CLB)
CNBC.com with wires
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