Oil prices jump on renewed Iran jitters

AFP
Saturday, Aug 2, 2008

Oil prices jumped higher Friday on renewed jitters over Iran’s disputed nuclear program, as Israel’s deputy Prime Minister, Shaul Mofaz, said Tehran was playing for time.

Oil markets were further unnerved as Washington set the weekend as a deadline for key crude producer Iran to reply to an international offer of incentives for a freeze in its nuclear drive.

During a visit to Washington, Mofaz warned that Iran was playing for time in dealing with the world community and was heading for a “major breakthrough” in its nuclear capability.

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Israel and Washington fear Iran is seeking to develop a nuclear bomb, but Tehran denies this, saying its nuclear program is peaceful.

Washington warned of new sanctions if Tehran rejects the international package.

“We expect a response this weekend,” Gonzalo Gallegos, a State Department spokesman, told AFP without specifying Saturday or Sunday.

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