A recent report highlights the failure of Western sanctions against Iran, saying the global communities cannot afford to ignore Iran given their transactions with such a major country. "The sanctions are a real Catch-22 for the global community," Reuters quoted Hayat Alvi, the associate professor of Middle Eastern studies at the US Naval War College, as saying on Friday. "Given global interdependence, many fragile economies and their valuable recoveries will be hard hit...We're already starting to see some of the effects," Alvi added. Analysts maintain that the US-led sanctions on Iran are not producing the results they were supposed to have. They argue that people around the world are feeling the knock-on effects of rising fuel prices that also drive foodstuff prices higher and cause further inflation as a result of anti-Iran measures. On Friday, Nymex crude spiked sharply, jumping about 3 percent and hitting an intraday high of USD 108.25 a barrel, the highest level in three weeks. Rising gas prices also constitute one of the biggest worries that could derail the US economic recovery. The US, Israel and some of their allies have accused Tehran of pursuing military objectives in its nuclear energy program. Washington and the EU have used this pretext to impose sanctions against Iran. The Islamic Republic has repeatedly refuted the Western allegations regarding its nuclear energy program, arguing that as a signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it is entitled to develop and acquire nuclear technology for peaceful purposes.