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Iranian President Mahmoud Ahmadinejad continues his war of words with Israel, the United States, and now the European Union. Vowing to never throttle back Iran’s nuclear development program, he presents a difficult challenge to the West. In an election year both Obama and McCain find themselves with a common adversary. Obama has said he would like to sit down and talk; McCain isn’t quite that irenic.

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June 26th, 2008
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Oil Climbs to Record High

Oil futures shot above $140 Thursday, June 26 after OPEC’s president said crude prices could rise well above $150 a barrel this year and Libya said it may cut oil production.

Chakib Khelil, president of the Organization of the Petroleum Exporting Countries, said he believes oil prices could rise to between $150 and $170 a barrel this summer.

Khelil joined a long list of forecasters making frightening price predictions. Each new forecast — like Goldman Sachs’ recent prediction that prices could rise as high as $200 — causes a jump in prices as speculators drive up the price of oil futures.
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Iran Vows Nuke Program Won’t Be Stopped

Reuters reports than Iran President Mahmoud Ahmadinejad said on June 26 that Iran’s “enemies” would never succeed in stopping its nuclear activities.

“On the nuclear issue … the enemies were not able to stop our nation and will never succeed in stopping our program,” Ahmadinejad said in a speech in late June.
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