Oil rose above $61 Feb. 26 as UN Security Council plus Germany met in London to discuss tightening sanctions on Iran, the world's fourth largest exporter. Oil prices reached a high of $78.40 on the Lebanon fighting last July, and dropped to a 20-month low of $49.90 in January. Prices have risen steadily since late January. Analysts cite a tightening supplies—OPEC has twice cut output since November—and concerns over a possible disruption of Iran's supplies. (Gulf News [1], UAE, Feb. 27) The US is calling for further pressure following the expiration of the Feb. 21 deadline established by December's UN Security Council Resolution 1737 [2] for Tehran to halt its nuclear program. Iran says the resolution is illegal since it violates its right to peaceful nuclear technology under the Non-Proliferation Treaty (NPT [3]). (Press TV [4], Iran, Feb. 26)
See our last posts on Iran and the struggle for control of oil [5], Iran's nuclear program [6] and Resolution 1737 [7].
