Iran trumpets its nuclear advances

Iran proclaimed advances in nuclear know-how on Wednesday, including new centrifuges able to enrich uranium much faster, a move that may hasten a drift towards confrontation with the West over suspicions it is seeking the means to make atomic bombs.

Tehran was driving home its resolve to pursue a nuclear programme its hardline Islamic clerical leaders see as a pillar of power, protection and prestige despite Western sanctions that are inflicting increasing damage on its oil-based economy.

Iran also aimed to show that the tightening sanctions noose has failed to stop it making progress in nuclear technology and to firm its hand in any renewed negotiations with world powers.

Oil scales six-month high on supply worries

Brent oil climbed to a six-month high on Wednesday, as fears of supply disruptions from Iran, other West Asian producers and Africa outweighed concerns about the global economy.

Data showing a surprise drawdown in US oil inventories last week helped firm crude futures, which had pared gains following a denial by Iran’s oil ministry of a state media report that Tehran had banned oil exports to six European Union countries in retaliation for EU sanctions.