Following Iran's detention of British naval personnel, tensions continue to mount between Iran and the West, causing crude oil prices to rise briefly to US$63 a barrel. Last week's further falls in U.S. commercial oil inventories also kept prices firm. U.S. crude settled at US$62.91 a barrel, the highest settlement since Dec. 20, after hitting a high of US$63.30. In London, Brent crude spiked by over a dollar to US$64.41 a barrel.
Western tensions with Iran also increased after the United Nations voted to impose new and tougher sanctions against Iran for its refusal to stop enriching uranium - a move intended to show Tehran that defiance will leave it increasingly isolated. The West strongly suspects Iran's nuclear activities are aimed at producing weapons though Tehran says they are exclusively for the production of energy.
28-Mar-07 
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