Tagged: Iran

Oil prices have jumped sharply in the past two weeks, and the price of gasoline is also moving up. Across the country, a gallon of regular costs nearly $3.60 on average, with some areas facing $4 gas. That's causing sticker shock at the pump, and concern that rising prices could derail the economic recovery.

According to Daniel Yergin of Cambridge Energy Research Associates, gas prices are up because of the West's current confrontation with Iran and sanctions over that country's nuclear program.

It was one of the more surreal photo ops this week: Iran's president Mahmoud Ahmadinejad, live on Iranian TV, visiting a nuclear reactor. Ahmadinejad trumpeted his country's nuclear progress, but denied, once again, that Iran is pursuing nuclear weapons.

In Washington, officials weren't buying it.

They rushed to repeat the official U.S. line — a line President Obama himself is fond of delivering.

"Let there be no doubt: America is determined to prevent Iran from getting a nuclear weapon, and I will take no options off the table to achieve that goal," he said.

Iran has unveiled significant developments on two important components of its nuclear program: the centrifuges used to enrich uranium and the uranium used to fuel a research reactor.

The country has made no secret of its work in these areas. But the news on Wednesday suggests that Iran may be making progress in its nuclear program.

Iran also announced that it is cutting off oil sales to several European nations, only to reverse itself hours later.