Crude futures steady under $74 a barrel amid lingering tension over Iran

[ECH1969]

Oil prices held steady under $74 US a barrel Tuesday amid lingering concern that international pressure on Iran to drop its nuclear program may lead to disruptions in the country's oil exports.

"Traders are most concerned about the Iranian issue, as the situation appears to be getting worse," said Tetsu Emori, chief commodities strategist with Mitsui Bussan Futures in Tokyo. Light, sweet crude futures for June delivery slipped 3 cents to $73.67 a barrel in Asian electronic trading on the New York Mercantile Exchange.

The United States, Britain and France plan to introduce a new Security Council resolution this week which would make Iran's compliance with their demands mandatory, and enforceable through sanctions or military action.

China and Russia, the two other council members with veto power, oppose sanctions and military action and want the Iran nuclear issue resolved diplomatically, with the IAEA taking the lead, not the Security Council.

http://www.canadaeast.com/apps/pbcs.dll/article?AID=/20060502/CPB/18299018

[liberal N proud]

1. Fear generated by the bu$h regime

Fear that the bu$h regime will attack. The bu$h regime has only done two things well in 6 years... Lie and build fear. Although fear at home has dried up somewhat. So the bu$h regime goes abroad with fear which still causes pain for the American people.