According to Yahoo! News
Iran insisted it remained determined to produce its own nuclear fuel, just four days before a UN Security Council deadline to freeze the sensitive work or face the risk of sanctions.
And in a new show of its military might, Iran test-fired a long range radar-evading sea-to-air missile during war games it says aim to demonstrate its readiness for “any threat.”
Oil-rich Iran, the second biggest exporter in OPEC, insists it has the right to nuclear technology as a signatory of the nuclear Non-Proliferation Treaty and that it only plans to generate electricity.
- Japan and Russia had voiced out publicly on their objection to UN sanction against IRAN. Japan depends on IRAN and mid-eastern countries for their oil and Russia and China are close trading partner with IRAN, this will surely make it difficult for the UN Security Council to make any decision of any sanction on IRAN.
As the Hurricane Ernesto forcing it’s way into Florida, and together with more geopolitical show-down over IRAN’s defiance on cessation of Nuclear Enrichment activities will definitely make the interesting impact on the OIL PRICES in the coming week.
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