Iran missile test sparks oil climb - Business - Evening Standard
       

Iran missile test sparks oil climb

Oil prices picked up pace again today on reports Iran has tested medium-range missiles, offsetting the effect of the rising dollar that led to falls of more than $5 a barrel yesterday.

Iran's state television said the nation test-fired a missile capable of reaching Israel, and the news pushed the dollar down.

Brent and US crude rose by $1.74 to $138.17 and $1.81 to $137.85 respectively.

The dollar fell against the pound, shedding 0.47 cents to $1.9717, and lost 0.6 against the euro to $1.571.

Iran's Revolutionary Guards are said to have test-fired the longer-range Shahab 3 missile. The test, which also included the firing of several other missiles, comes at a time of growing tension over Iran's nuclear programme, which the West fears may be aimed at making an atomic bomb.

A total of nine missiles were tested, with state-run TV showing the launches from an undisclosed desert location. Middle East analysts raised the spectre of a possible pre-emptive strike on Iran by Israel.

Comments

Don't Miss
Rock star: Erin Wasson

Rock star

Erin Wasson is the ultimate anti-supermodel
Maybe it’s because she’s a Londoner … Happy anniversary, Ma’am

Happy anniversary

The monarchy has become stronger and more respected in the past 60 years
Victoria Coren: My obsession with children, five proposals a week and why David and I are no power couple

Victoria Coren

David Mitchell and I are no power couple
The Royal Academy of Arts Summer Exhibition preview party

Summer party

Stars at the The Royal Academy of Arts
London gets ready for the Diamond Jubilee - in pictures

Diamond Jubilee

London gets ready - in pictures
The Glamour Awards - stars turn on the style

Glamour Awards

Stars turn on the style
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party

Garden party

Duchess of Cambridge is pretty in pink
FIRST review of Ridley Scott's latest sci-fi blockbuster Prometheus

First review

Is Ridley Scott's Prometheus any good?
Fair-weather goths

Fair-weather goths

The sultry shades of summer darks are coming out of the shadows
Dog save the Queen: Corgis surge in popularity

Dog save the Queen

Corgis surge in popularity