Oil prices continue to rise on high demand and supply concerns

31-Aug-06

Oil Prices Continue to rise on high fuel demand and concerns of supply disruptions from Iran and Nigeria. Light sweet crude for October delivery rose to US$70.37 in midmorning Asian electronic trading on the New York Mercantile Exchange Thursday is the date set by the United Nations' as a deadline for Iran to halt enrichment of uranium, which can be used in the production of nuclear weapons. Failure to comply could result in imposition of economic and diplomatic sanctions by the U.N. This could result in Iran blocking out oil exports, affecting global supply.