Oil Hits 2007 High Near $63 On Iran Tensions

[Purveyor]

Source: Reuters

LONDON (Reuters) - Oil climbed toward $63 on Monday, setting a 2007 record, on growing tension between Iran and the West over Tehran's nuclear work and its capture last week of British servicemen.

The latest developments between Tehran and the West, while not affecting oil shipments, have renewed concerns about potential threats to supply. Iran exports about 2.2 million barrels per day of oil.

"The incident with the UK sailors is not a direct concern for oil supplies but it serves as a wake-up call," said Olivier Jakob, analyst at Petromatrix.

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Iran is the world's fourth-largest oil exporter. Countries in the Middle East pump more than a fifth of the world's daily oil production of some 85 million bpd.

---EOE---

Read more: http://www.reuters.com/article/hotStocksNews/idUSSP11628220070326

[Fire Walk With Me]

1. Too bad pricing is based upon seller's whims and not upon supply and demand.

It's becoming the company store. To enjoy.

[whistle]

2. April 7th we'll see crude jump to $100 per barrel after Bush orders

...the bombing of Iran

[Purveyor]

3. If Iran should retaliate and split-open a supertanker in the straitz, I think $100bbl would

the opening price. I'd look to $150-$175 for at least the short-term after the hostilities.

[whistle]

7. Yes, I agree

[Double T]

4. The 'potential threat' that NEVER develops drives 'OUR' destiny.......

pathetic.

[randycrow]

5. Neocons manipulate oil prices up

via war. High oil prices and spreading communi$m is why comrade Little George and the Neocons gave us Sept. 11 and now want to attack Iran and expand the war. Hyper inflate oil prices is how the Neocons make war on the USA, change the USA form of democratic government to a de facto Dictatorship, and hurt the people financially and in every other way. High oil prices consolidate companies and expand the communi$t economy. Neocon used war to manufacture an oil shortage to increase oil prices in 1973 and 1978. After the 20 % interest rates and the stealing and destitution of the people Neocon merely turn on the oil valve and oil prices crash to under $10.00 per barrel and the stocks they got for nothing go through the roof. $100.00 per barrel. It depend what the Neocons manipulate militarily. If the Neocons throw nukes and the Straights of Hormuz clog with burning oil tankers oil may go as high as $250.00 per barrel. Well oil went up five times in 1973 and 1978. Using this measuring stick, and oil went to $50.00 per barrel in 1978, we are looking at $250.00 per barrel this Neocon manipulation of oil prices via war time around.

[Strelnikov_]

6. Countries in the Persian Gulf represent 50% of the worlds export market

Which is the more important statistic for a country that imports 67% of its fix (which represents 33% of the worlds export market) and is deeply in debt to the countries it will be bidding against in what remains of the export market once the JDAM's Of Freedom^TM start flying.