Supply threats continue due to Iran's nuclear standoff with the international community and U.S. gasoline inventories continue to shrink, crude oil prices rise. Light, sweet crude for May delivery rose to US$67.65 a barrel in Asian electronic trading on the New York Mercantile Exchange midmorning in Singapore, after falling 55 cents on Friday. U.S. government data released last week showed domestic supplies of gasoline shrank by 4.4 million barrels last week to 211.8 million barrels, even though the stockpile was roughly in line with year-ago levels.
The U.N. Security Council has demanded that Iran suspend its uranium enrichment program. But Iran has so far refused to halt its nuclear activity, saying the small-scale enrichment project is strictly for research and not for development of nuclear weapons. U.S. administration officials could consider a military response if Iran does not end its nuclear ambitions. However, United States is conducting "normal defense and intelligence planning" as it seeks a diplomatic solution to Tehran's suspected nuclear weapons program.
10-Apr-06 
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