Iran Threatens to Reject Deal with EU

Iranian President Mahmoud Ahmadinejad said on Wednesday that Iran would reject a deal with the European Union which plans to offer incentives in exchange for Iran's halting uranium enrichment.

He added that Tehran would categorically reject international demands for Tehran to return to a suspension of sensitive uranium enrichment work.

Crude market traders are still concerned about Iran's nuclear standoff with the international community and a possible halt in Tehran's oil export in the event of a UN sanction.