Iran's armed forces launched air defense war games on Sunday to show off the country's deterrence capabilities in the face of Western pressure over its nuclear program, and a cleric in the Revolutionary Guards warned the Islamic republic would fire missiles at "the heart of Tel Aviv" if attacked. This has led to mounting tensions between Iran and the Western countries, increasing concerns over supplies, encouraging investors to push oil prices higher. Oil prices rose above US$78 a barrel, as it also found support from a weaker US dollar as well as rising gold prices after concerns over accelerating inflation and weak economic growth prompted investors to cut risk. US crude for January delivery rose to US$78.1 while London Brent crude rose to US$77.9.
Iran's threats came a day after senior officials from six world powers said they were disappointed Iran had not accepted proposals intended to delay its potential to make nuclear weapons, with U.S. President having warned that there could be a package of sanctions against Iran within weeks.
23-Nov-09 
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