Is Iran telling the truth? A top Iranian nuclear negotiator said traces of enriched uranium discovered at an underground bunker came from a “routine technical issue,” the country’s official IRNA news agency reported on Saturday. Ali Asghar Soltanieh, Tehran’s envoy to the U.N.’s International Atomic Energy Agency, was responding to a report by the nuclear watchdog in which it said it had found radioactive traces at an Iranian site. The uranium found was at level that is slightly closer to the threshold needed to arm nuclear missiles than Iran’s previous highest-known enrichment grade.

The West suspects Iran is pursuing a weapons program. Tehran denies the charge, saying its nuclear program is aimed at peaceful purposes like power generation and cancer treatment. Meanwhile Israel is reportedly still planning a preemptive strike, while the US will be mired in a bitter political battle for the White House. As well, the war business propaganda machine is gearing up for more war profits to scare the public into make it rich profits. Is Iran telling the truth? Well we have discussed this before – click here.

The oil markets being hit hard to the downside over the past few weeks are over due for a rally. This story could be a catalyst for an oil rally, along with at some point a resolution to the Greek crisis. Get prepared to go long oil, on this first new high we can make since a long time !!!

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Bluepoint daily market view – May 28, 2012

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