Oil prices were steady at $70 this afternoon as immediate sanctions against Iran looked unlikely despite Tehran's defiance of a U.N. deadline to stop enriching uranium.
US oil prices eased 3 cents to $70, while London Brent fell 10 cents to $70.08 a barrel. Later today the UN nuclear watchdog is likely to report that Iran has not complied with a UN demand to suspend its atomic fuel work, which the West fears is meant for building a bomb but Tehran insists is only for generating power.
Although this raises the risk of sanctions against the world's fourth biggest crude exporter, analysts expect many Western powers to seek more negotiations first. However, Iran has reiterated it will not give up its right to nuclear power.
Oil prices have eased $8 below their all-time high in July as the summer driving season winds down and after Israel and Lebanon's Hizbollah agreed to a truce.
