Oil Prices Rise Amid Concerns Over Iran
NEW YORK --- Concerns over Iran’s nuclear ambitions and potential sanctions, coupled with worries about gasoline supplies, caused crude oil futures to rise Thursday, according to BusinessWeek Online. Light sweet crude for May delivery rose 3 cents to reach $66.48 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. Brent crude for May climbed 36 cents to $65.91 a barrel on London’s ICE Futures exchange, BusinessWeek Online reported. Leading officials of the five permanent Security Council nations, as well as Germany, on Thursday urged Tehran to put a freeze on uranium enrichment. In response, a senior Iranian envoy rejected their pleas, arguing that the country's activities were not reversible.Earlier this week, the L.A. Times reported, the U.N. Security Council decided to give Iran 30 days to respond to the International Atomic Energy Agency's request to halt uranium enrichment research. This agency is the U.N.'s nuclear watchdog.