Today, amid rising fears of an attack on Iran by Israel, the US or both, oil markets bid the price of light crude up to over $144 / barrel.
Iran's response to the rising threat can only be described as measured:
Iran’s oil minister warned today that an attack on his country would provoke a fierce response, but said Tehran would not cut oil deliveries and would continue supplying the market even if struck."Craziness" is a good word for it. That may well be the term that historians and voters come to use when referring to George W Bush's two terms in office....and the fact that enough voters supported him to allow him to get close enough to winning to make cheating possible.
In New York, however, Iran’s foreign minister did not rule the possibility that Iran could try to restrict oil traffic in the strait if the country was attacked.
"In Iran we must defend our national security, our country and our revolutionary system and we will continue to do so," Foreign Minister Manouchehr Mottaki said in an interview with The Associated Press.
Mottaki said he does not believe Israel or the United States will attack, however, calling the prospect of another war in the Middle East "craziness."
The US says it won't allow Iran to close the Straits of Hormuz. Let's hope the US isn't stupid enough to create the situation where they get to find out if they can.
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