Oil rises on Iran nuclear concerns
SINGAPORE - Oil prices rebounded Monday in Asia on comments by Iran's president suggesting a significant increase in the country's nuclear program, but worries about the faltering U.S. economy and crude demand continued to weigh on futures.
But Iranian President Mahmoud Ahmadinejad's announcement on Saturday that Iran now possesses 6,000 centrifuges raised concerns about an increase in tensions between Western powers and OPEC's second-largest producer over its nuclear program.
The higher number, which is double the 3,000 uranium-enriching machines Iran had previously said it was operating, is certain to further rankle the United States and others who fear Tehran is intent on developing weapons.
"The comments by the Iranian president are a reminder that the Iranian situation remains fluid," said Victor Shum, an energy analyst with consulting firm Purvin & Gertz in Singapore.
In Nigeria, eight foreign oil workers who were kidnapped at gunpoint by six unidentified men in a speed boat on Saturday were released unharmed hours later, according to a Nigerian military spokesman. The abduction highlighted the risks of operating in the African nation, a major supplier to the U.S. Earlier in the week, Nigerian militants threatened to blow up pipelines in the region within a month.
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- It comes at no surprise that Iran bravely increased their uranium enrichment in face of grave opposition from world leaders namely the United States, Israel, France, Britain...possibly the rest of the United Nation Superpower like China, Russia, Germany...and more.
Now that Iranian are no longer afraid of the United State's threat, Obama is facing great difficulty now to do a pre-election campaign to specifically solve this Iran standoff. Obama had promised that if elected he would pursue a policy of greater engagement aimed at persuading Tehran to abandon its nuclear enrichment program.
This means more direct negotiation with Iran or? I am not sure what Obama is going to do ultimately all these politics had helped Obama out-shined his competitor(s) two fold.
There are a surge in anti-war demonstration appearing in flickr.com hence the selected photograph above. Make Peace and No War please!
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