Israel estimated on Thursday that Iran could make four atomic bombs by further enriching uranium it has already stockpiled, and could produce its first within a year of deciding to build one.
The European Union banned imports of oil from Iran on Monday and imposed a number of other economic sanctions, joining the United States in a new round of measures aimed at deflecting Tehran\’s nuclear development program.
The Obama administration expects a significant drop in foreign dealings with the Central Bank of Iran in the next two months.
Iran will close the Strait of Hormuz if its oil exports are subjected to foreign sanctions, the Islamic Republic\’s official news agency reported.
Israeli Deputy Foreign Minister Danny Ayalon said in Greece that Israel will defend Greek oil drilling in Cyprus
Defense Minister Ehud Barak played down Tuesday speculation that Israel intends to strike Iranian nuclear facilities, saying no decision had been made on embarking on a military operation.
Greek Prime Minister George Papandreou was scheduled to consult with his Israeli counterpart Benjamin Netanyahu regarding drilling for natural gas near Cyprus.
German companies are drawing criticism for their plans to take part in an oil industry trade show in Tehran. Some 60 German companies will attend this weekend\’s event in Tehran, which is dedicated to Iran\’s energy sector, according to the Stop the Bomb nongovernmental organization in Germany. Only China is sending more firms to the show than Germany.
Investors began separating the losers and the gainers from Egyptian unrest on Wednesday, as fears the turmoil would interrupt the world oil trade lifted petroleum prices to their highest level in more than two years while share markets in the Middle East rebounded. The price of North Sea Brent crude futures held above $100 a barrel on Wednesday and just below the 28-month high they reached a day earlier, amid concerns the standoff between Egypt’s government and the opposition might close the Suez Canal. Investors also remained jittery about the risk of unrest spreading to the Middle East’s oil exporters.
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