Crude oil prices pulled back modestly in Asian trading on Monday but held above $73 a barrel, as geopolitical anxieties over Iran and North Korea kept markets on edge. New York light sweet crude for August delivery traded at $73.78, while Brent North Sea crude slipped to $73.26. Both benchmarks had set record highs the previous Friday, with New York crude reaching $75.78 and Brent touching $75.09.
Iran's standoff with Western nations over its nuclear program remained the primary market concern. Washington warned of UN Security Council action if Tehran did not address international demands. Iran indicated it would not respond to an incentives package, presented on 6 June by the five permanent Security Council members plus Germany, until the second half of August, well past the G8 summit scheduled for 15-17 July.
North Korea added further uncertainty after test-firing seven missiles on Wednesday, including a Taepodong-2 that failed shortly after launch. The Security Council remained deadlocked over sanctions, with China and Russia resisting a draft resolution backed by the US and Japan.
Some analysts projected prices could climb toward $80 within one to two months, driven partly by strong summer gasoline demand in the US. Traders said the weekly US Department of Energy inventory report, typically released on Wednesdays, would be closely monitored.
Historical summary. TurkishPress restated this wire report, first published in July 2006, in its own words.