The oil hold near $136

Oil held close to US$136 a barrel Thursday in Asia amid lingering concerns over Iran's nuclear conflict and reports of lower-than-expected U.S. oil stockpiles.
Renewed concerns about supply disruptions out of Nigeria also emerged as the main militant group there said it would resume attacks in the country's oil-rich river delta region because of Britain's recent pledge to back the government.
The Movement for the Emancipation of the Niger Delta is behind two years of crippling attacks on Nigeria's oil infrastructure that have sliced the country's normal daily oil output by a quarter and contributed to the worldwide surge in the price of crude. MEND, as the group is known, told The Associated Press that it was abandoning a two-week-old cease-fire as of midnight Saturday.
Nigeria, Africa's biggest crude producer, is a top supplier of oil to the United States.
"The bull run is really not over yet. The Iranian nuclear situation remains fluid and the market faces supply-side risks with global demand outpacing supply,'' said Victor Shum, an oil analyst with Purvin & Gertz in Singapore.
"It remains likely that pricing will gain strength and rise to a new peak in the coming weeks,'' he said.

Iran test more long-ranged missiles

Iran test-fired more long-range missiles overnight in a second round of exercises meant to show that the country can defend itself against any attack by the U.S. or Israel, Iranian state television reported Thursday.
The weapons have "special capabilities'' and included missiles launched from naval ships in the Persian Gulf, along with torpedoes and surface-to-surface missiles, the broadcast said. It did not elaborate.
A brief video clip showed two missiles being fired simultaneously in the darkness.
The launches come hours after Secretary of State Condoleezza Rice warned Iran that Washington will not back down in the face of threats against Israel.
"We are sending a message to Iran that we will defend American interests and the interests of our allies,'' Rice said Thursday in Georgia at the close of a three-day Eastern European trip.
Among the missiles Iran said it tested Wednesday was a new version of the Shahab-3, which officials have said has a range of more than 2,000 kilometres and is armed with a more than one tonne conventional warhead.
That would put Israel, Turkey, the Arabian peninsula, Afghanistan and Pakistan all within striking distance.
Wednesday's missile tests were conducted at the Strait of Hormuz, a strategic waterway at the mouth of the Persian Gulf through which about 40 per cent of the world's oil passes. Iran has threatened to shut down traffic in the strait if attacked