Economic sanctions against Iran could cause oil prices to surge to $100 a barrel in the coming weeks, analysts today warned. That would mean the highest gasoline prices for U.S. motorists in history. Several western countries are considering putting pressure on Iran to stop its from reviving its nuclear program. U.S. President George Bush said he believes the situation can be resolved through diplomacy, but would not say whether that should involve U.N.-imposed sanctions. Iran claims it it has the right to develop nuclear technology for peaceful purposes, but the U.S. and U.N. have rejected that possibility, citing the ease with which such technology could be applied to weapons. [via, via]
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