Oil prices soar after Baghdad talks end inconclusively

Oil prices have soared once again after Iran and the six major world powers failed to reach an agreement on Tehran's nuclear energy program during their recent talks in the Iraqi capital, Baghdad. On Monday, oil prices increased in the Asian market as the latest round of the talks between Iran and the P5+1 in Baghdad ended inconclusively. Iran and the six major world powers (Britain, China, France, Russia, and the United States plus Germany) wrapped up their meeting in Baghdad on May 24 after two days of negotiations. New York's main contract, West Texas Intermediate crude for delivery in July was up 89 cents to USD 91.75 per barrel. Brent North Sea crude for July also gained 68 cents to USD 107.51 in the afternoon. The United States, Israel and some of their allies accuse Iran of pursuing military objectives in its nuclear energy program, using this pretext to impose sanctions against the Islamic Republic as Washington and Tel-Aviv threaten Tehran with a military attack. Iran has refuted the allegations, and the International Atomic Energy Agency has never found any evidence indicating Tehran's civilian nuclear energy program has been diverted towards nuclear weapons production.