TEHRAN (FNA)- Oil prices rose more than $1 on Monday after energy firms in the US Gulf shut down nearly all offshore oil output and a host of flood-prone coastal refineries ahead of Hurricane Gustav, the biggest threat since 2005’s devastating Katrina.

TEHRAN (FNA)- Oil-rich Persian Gulf monarchies will sign an accord with Turkey aimed at boosting ties between the Arab bloc and Ankara, the chief of the Persian Gulf Cooperation Council (PGCC) said on Sunday.

TEHRAN (FNA)- Woolworths’ biggest shareholder, Iranian property tycoon Ardeshir Naghshineh, may plan his own bid for the confectionery-to-DVDs retailer.