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Oil prices rose Monday on a threat of new sanctions against Iran and as Tropical Storm Dolly headed into the Gulf of Mexico, prompting a hurricane watch for parts of Texas and Mexico.
U.S. Secretary of State Condoleezza Rice accused Iran on Monday of using stalling tactics and warned Tehran it faced more sanctions if it flouted a two-week deadline to curb its nuclear program.
In the first speech to the Israeli Knesset by a British prime minister, Gordon Brown on Monday will warn Iran it faces growing isolation if it rejects an offer from major powers on its disputed nuclear program.
Oil fell for the fourth consecutive day, pulled lower by growing demand concerns and easing tension between Iran and the West.
Oil prices fell sharply in afternoon trading to below $130 a barrel as uncertainty about the overall trend for the commodity continued.
U.S. crude oil futures ended lower for the second day in a row as government inventory data showed surprise increases in crude and gasoline stocks.
I think it's WAY too early to say "oil fever is breaking" or call a top here for oil prices. Yes, oil futures dropped sharply again today, gold has followed ,and the grains (corn, wheat, soybean futures) are also down.
As I have been saying, much of the recent sizzle in the race toward almost daily record price levels is attributable to the tensions over Iran, and the recent tangible statements and actions by Israel, Iran, and the US, in terms of military exercises.
Oil prices fell harder than they have in 17 years on a dollar basis Tuesday, as fears that record fuel prices are spreading broad economic pain led to the third big sell-off in just over a week.
Oil rose slightly above $145 Monday as supply concerns in Brazil in the midst of an energy workers strike outweighed ongoing worries that high fuel costs are dragging down consumer nation demand.
U.S. crude oil futures ended more than 2 percent higher as geopolitical and supply worries combined to lift prices to an all-time high.
Oil prices jumped nearly $6 to above $141 a barrel Thursday amid threats to production in Nigeria and Brazil and as additional missile tests by Iran escalated tensions with the West.
French energy giant Total SA said Thursday it is too risky to invest in Iran for now, raising questions about the future of western involvement in developing Iranian gas reserves.
Iran's OPEC governor said on Wednesday the oil market was saturated and blamed policies of the Group of Eight (G8) rich countries for a price surge, the state broadcaster reported on its website.
Iran test fired nine long- and medium-range missiles on Wednesday, state media said, including one which it has said could reach Israel and U.S. bases in the region.
Iran's oil minister said any military attack aimed at curbing Tehran's nuclear work will push crude prices to "unpredictable" highs, the website of the country's Oil Ministry reported on Saturday.
Record-high international oil prices will keep rising until Western countries rein in their demand, Paolo Scaroni, chief executive of Italy's biggest oil and gas company Eni, was quoted as saying on Wednesday.
Washington has been talking tough on oil prices on several fronts, calling for new trading regulations on speculators and reopening offshore oil drilling. But it's successful jawboning two of our major allies that seems to have had the biggest impact on prices this week.
The stock market plunged 170 points this morning and oil jumped over $3, allegedly based on a New York Times story that Israel is carrying out military exercises as a rehearsal to bombing Iran. But actually, the Times story, written by the very able war correspondent Michael R. Gordon, is talking about Israeli training exercises from early June, not now.
World oil producers and consumers should work on removing sanctions and soothing Middle East security fears to boost investment in new production capacity, Iran's OPEC governor said on Friday.