By Christian Schmollinger and Gavin Evans
March 30 (Bloomberg) -- Oil rose, heading for a second week of gains, after Iran refused to free 15 British sailors and marines, adding to concern strained relations with the U.K. and U.S. may disrupt supplies.
Iran, the Middle East's second-largest exporter, yesterday withdrew an offer to release the sole female sailor in the group and said the U.K. must acknowledge violating its territorial waters. Oil has risen 7 percent since Iran seized the group on March 23 while they were searching merchant vessels as part of a U.S.-U.K task force. Prices rose 9 percent last week.
``The situation with Iran and the U.K. isn't relaxing,'' said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures Ltd. in Tokyo. ``If the sailors aren't released in a few days, the situation could get more severe.''
Crude oil for May delivery rose as much as 72 cents, or 1.1 percent, to $66.75 a barrel in after-hours electronic trading on the New York Mercantile Exchange. The contract traded at $66.51 at 2:49 p.m. in Singapore. Yesterday, the contract rose 3 percent to $66.03, the highest close since Sept. 8.
The naval seizure is the latest episode in worsening relations between Iran and the U.S. and European nations. Iran faces additional United Nations sanctions over its refusal to end uranium enrichment, which the U.S. alleges is for weapons. The U.S. military has arrested suspected Iranian agents in Iraq.
Almost a quarter of the world's oil flows through the Strait of Hormuz, a narrow waterway between Iran and Oman at the mouth of the Persian Gulf.
In London, Brent crude oil for May settlement rose as much as $1, or 1.5 percent, to $68.88 a barrel in electronic trading on the ICE Futures exchange. It was at $68.47 at 2:47 p.m. in Singapore.
Source: Bloomberg"
It is for me, looks like a dirty old trick played by the British to gain permission from the UN to execute its first step on its quest for Iranian oil supply. Sometimes I wonder whether these countries are really inhumane that they're willing to sacrifice their own nation's lives in obtaining their desired goals. The United Nations Security Council which has a major decision making power of the US and the British is just intimidating Tehran on the name of security to the world peace by terminating its nuclear weapon plans. Just like a mad man in the middle of crisis, the Iranians are just trying to look for ways to shut the mouth of the West by taking captives as hostages, hoping that negotiations would take place in favour of Tehran.
The British set a bait as it's foreseen by sending their men to the Iranians' water. Tehran had obviously fallen for it and now the British's plan is taking place as desired. The more reluctant the Iranians in releasing the men, the closer the British and Americans in realising the plan in gaining access to the Iranian soil by force, and the reason? The Iranians are possessing threat to the world security and further imbursed by violation of international law by taking captives as hostage. What good reasons that the British and the American would have to occupy Iran than these? Here We Come, Iran!
Mext, what will happen to the crude oil supply? No fear, as the Westerners will have larger control of the world price. Occupying Iran will mean control over a fair share of world's oil supply.
In the end of the day, it doesn't really matter if Iran produces a nuclear weapon. I wonder whether they've the chance of using it. I doubt whether the Americans, the British or the UN are so fearful of the uranium made weapons that these nations are willing to send their troops to die there. These are innocent people, and sending them to war would mean sacrificing innocent lives. Just leave this people in the Middle East alone when these nations are serious about world peace!
God bless.
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