Oil Hits Record on Concern Iran Supplies May Be Disrupted

Oil Hits Record on Concern Iran Supplies May Be Disrupted

www.bloomberg.com

Crude oil rose to a record above $143 a barrel on speculation the dispute over Iran's nuclear program may disrupt supply from OPEC's second-largest producer.

Pressure on Iran to end its uranium enrichment program and the falling value of the U.S. dollar may drive prices to $170 a barrel, OPEC President Chakib Khelil said on June 28. Oil is headed for its biggest six-month gain since 1999 as investors shun equities for commodities, looking for a hedge against a weaker dollar and quickening inflation.

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[edit on 30-6-2008 by gottago]

The markets are reacting to a spate of new indicators of a looming attack against Iran, pushing oil to a new all-time high.

* Seymour Hersh in the New Yorker disclosed a $400 million US covert ops program against Iran over the weekend

* Today Iran has announced it is digging 320,000 mass graves on its border

* Today Iran also threatened to close the crucial Gulf shipping lanes in response to an attack as well (see links)

*

John Bolton, the former U.S. envoy to the United Nations, has said Israel would strike Iran between the U.S. presidential election in November and inauguration in January.

www.bloomberg.com
(visit the link for the full news article)

[edit on 30-6-2008 by gottago]

The crisis over Iran has reached an unprecedented level of tension as the above series of revelations pushes oil markets to new highs.

The very bad news is that oil markets are now betting on an attack on Iran. That is, the critical mass has been reached, and objective observers are starting to protect their interests and bet on war.

And Iran is giving every indication that it is taking the threat of imminent attack very seriously, as it is issuing dire threats of reprisals to shipping in the Gulf, and the dramatic announcement of digging mass graves on its borders.

Ghastly news, and right now it should be noted that US/Israeli policy, in pursuing an Iran attack with such overt threats, is now severely undermining the already weakened US and world economy--we are shooting ourselves in the foot with this war-mongering.

If an attack is ordered, the rise in oil prices and supply-cut off in the Gulf will be a financial mushroom cloud. This is madness.

Surely not, it'd be strategic and financial suicide for the US to back an Israeli attack... These $1 or $2 rises per trading session in the price of oil could quickly blow out to $10 or $100 rises if Iran is attacked.

I always thought the 'bug out bag' was unnecessary, but I must say, I've been cobbling one together of late.



[edit on 30-6-2008 by mattguy404]