BRITISH leader Gordon Brown has warned Iran it must freeze sensitive nuclear work or face more sanctions, in the first address by a British prime minister to the Israeli Parliament.

Mr Brown also attacked Iranian President Mahmoud Ahmadinejad's "abhorrent" threats against Israel and declared that Britain stood alongside the Jewish state.

"Iran now has a clear choice to make: suspend its nuclear program and accept our offer of negotiations or face growing isolation and the collective response of not just one nation but of all nations round the world," Mr Brown said.

The government has proposed Iran to participate in the upcoming mega housing projects in the country.

The proposal was made during a meeting between Federal Minister for Housing and Works Rehmatullah Kakar and Iranian Ambassador to Pakistan Mashallah Shakeri here on Friday. They discussed bilateral cooperation in different sectors, including housing and construction sectors.

Oil prices plunged below $130 a barrel yesterday, extending a sharp three-day decline and fuelling a second day of big gains in stocks that lifted Wall Street out of bear market territory.

The continued fall in oil, which last week reached a record high of $147.27, combined with the rally in bank stocks to brighten what a few days ago looked like an increasingly bleak financial and economic outlook.

Opec president Chakib Khelil warned on Sunday that oil prices will continue to rise because of the falling dollar, in an interview in the Algeria-News. "The price of oil will rise again in the coming weeks. We have to follow the evolution of the dollar, because a 1% fall in the dollar means four dollars more on the price of oil,' Khelil, who is Algeria's minister of energy and mines, told the independent daily.

Madrid: Iran on Wednesday refused to follow Saudi Arabia in raising its crude production to calm volatility in the international oil markets, even as it remained ambivalent on whether Tehran will use oil as a weapon to retaliate if its nuclear installations came under attack from Israel.

Atul Aneja DUBAI: India's Oil and Natural Gas Corporation (ONGC) has discovered a new oil field in Iran, the website of Iran State television said. "India's ONGC has discovered a new oil field in the Farsi oil block of the Persian Gulf,' Mahmoud Zirakchianzadeh, the managing director of Iran's State offshore oil company was quoted as saying.

Sujay Mehdudia Petroleum Secretaries to hold talks in Madrid Pakistan's Foreign Minister meets Murli Deora

Sujay Mehdudia India very much willing to go ahead with the deal, says Murli Deora India to hold talks with Pakistan on transit issue Energy security remains our priority, says Minister Drawing flak from the Left for "moving slow' on the $7.4-billion Iran-Pakistan-India gas pipeline, the government on Monday said it was hopeful of getting started on the much delayed trilateral talks in the next few weeks. Iran has sought three weeks to finalise all details.