Oil above $66 after Iran defies U.N. call

LONDON – Oil climbed further above $66 on Thursday, toward its $70 record, after
Iran rejected a U.N. Security Council demand that it halt uranium enrichment.

“There’s got to be a crunch point over Iran,” said Geoff Pyne, an independent oil analyst. “At the end of the day Iran is intent on uranium enrichment and the West won’t allow it.”

U.S. crude stood at $66.58 a barrel at 1306 GMT, up 13 cents. London Brent crude was up 50 cents at $66.05.

The U.N. Security Council unanimously adopted a “presidential statement” late on Wednesday calling on Iran to freeze its uranium enrichment work.

But as the five permanent Security Council members and Germany met in Berlin to discuss their next step on Thursday, Iran’s ambassador to the U.N. atomic agency ruled out complying.

Reuters