Threats from Iran's oil minister that the petroleum-rich country could disrupt global supply if punished, amid an international standoff over its nuclear program have only marginally impacted markets. Crude oil futures recorded a slight dip, and continue to linger around US$70. Light, sweet crude for August delivery dipped to US$70.75 a barrel in electronic trading Monday morning in Asia.
The past few months have witnessed the unfolding on an international stand off as USA and its European allies say Iran has been enriching uranium in an attempt to produce nuclear weapons. Tehran however says the uranium will be used only for a peaceful nuclear energy program. Washington has warned Iran that it could face political and economic sanctions before the U.N. Security Council if it doesn't stop its nuclear activities. Any supply disruption by Iran could drive oil prices above US$100 a barrel.
26-Jun-06 
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