A statement from Secretary of State Condoleezza Rice warning the oil-producing nation that the United States will defend its allies has prompted Iran to respond with another missile launch.
This another missile launch by Iran has sent the prices of light, sweet crude oil for August delivery soaring to $141.65 a barrel on the New York Mercantile Exchange.
The prices has jumped by more than $5 a barrel. It was crude’s largest daily leap since 6 June 2008.