New York, Nov. 14 : Israeli President Shimon Peres has said that Iran might have to end its nuclear weapons program because of the plummeting oil prices.

He told Fox News that tumbling oil prices would force a weakened Iran to consider abandoning its nuclear ambitions.

"The minute a barrel of oil goes down to its real cost, the Iranians will have to make a choice either to provide bread and butter for their children or to provide enriched uranium for the prestige of their leaders," Peres said.

New York - Israeli President Shimon Peres said Wednesday his government agrees with a Saudi peace proposal to settle the Israeli- Palestinian conflict.

Peres told the UN General Assembly that Israel agrees with the Arab call that the Israeli-Palestinian conflict cannot be solved through military means and that a just and comprehensive peace in the Middle East is "the strategic option of the Arab countries."

"This is Israel's strategy as well," Peres said in a UN debate on religion and peace.

"These expression in the Arab peace initiative are inspirational and promising - a serious opening for real progress," he said.

Jerusalem - Israeli President Shimon Peres gave the green light Monday for the country to hold new elections, telling parliament that consultations he had held with political parties led him to conclude that no legislator had enough backing to form a coalition government.

The president had completed the consultations earlier Monday, a day after Foreign Minister Tzipi Livni informed him that she was unable to form a government to replace that headed by Ehud Olmert, who resigned the premiership on September 21.

Jerusalem - Israeli President Shimon Peres gave the green light Monday for the co

Jerusalem - Israeli President Shimon Peres completed consultations with parliamentary factions Monday, preparing the ground for early elections in the politically turbulent country before March.

A day after Foreign Minister Tzipi Livni informed him that she was unable to form a government, Peres was expected to announce to Knesset speaker Dalia Itzik Monday afternoon that his consultations had left him with no option but to call for new elections.

Jerusalem - Israeli President Shimon Peres gave Foreign Minister Tzipi Livni Monday a two-week extension to the period allocated to her to form a new government to replace that headed by outgoing Premier Ehud Olmert.

Livni met with Peres for an hour and 15 minutes Monday morning, and briefed him on her attempts to form a "stable and long-term" government in the initial 28-day period granted her, a statement issued by Peres' office said.