Crude Oil Hits $67 per Barrel as Iran Warns it Won't Be Deterred by UN Sanctions

by: Gary Dorsch

Iran's Supreme Leader Ayatollah Ali Khamenei said on Wednesday the world could not deflect Iran from its "scientific developments", a reference to mounting pressure over the country's nuclear program:

Crude Oil Hits $67 per Barrel

"The Islamic Republic, based on its principles, without being scared of the fuss created, will continue on its path of scientific developments and the world cannot influence the Iranian nation's will," he was quoted as saying by state television. Iranian President Mahmoud Ahmadinejad visits Syria on Thursday in a signal to the world that the two allies stand together, in facing threats of referral to the UN Security Council.

China's booming economy gets some 12% of its oil imports from Iran and several of its companies are active in the Islamic Republic's hydrocarbons sector. China is also looking to buy liquefied natural gas from Iran after 2009 and develop the giant Yadavaran oilfield, and is therefore expected to veto sanctions against Iran.

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