Oil Soars Close To 8-Month Highs On Iran Tensions

[Purveyor]

LONDON — Oil prices spiked close to eight-month highs on Wednesday as traders fretted over heightened tensions between key crude producer Iran and the United States over transit through the Gulf.

The market also found solid support in a stream of positive economic data which boosted the outlook for the global economy and energy demand.

New York's main contract, West Texas Intermediate (WTI) for delivery in February, spiked to $103.74, a leval last touched on May 11. The contract fell back to $102.61, down 35 cents from Tuesday's closing level.
--CLIP--

"Alongside the return of economic optimism, oil is also finding support from the continuing tensions between Iran and the United States as sabre-rattling is stepped up on both sides," said Commerzbank analyst Eugen Weinberg.

MORE...

http://www.google.com/hostednews/afp/article/ALeqM5h5inD-IvW-636e8ukUCQFkZaiYBg?docId=CNG.7d5fd7db4268f4e7e8ce9aebfb6e1fd5.161

[msongs]

1. our government doing what it can to jack up oil prices for its corporate buddies nt

[Thaddeus Kosciuszko]

2. What exactly, is it that they are doing to "jack up oil prices?"

[ronnie624]

4. U.S. belligerence in the Middle East generates tension that makes comodities traders "gittery".

The belief that U.S. policy makers have a divine right to force their will in the Middle East is really a minority view in the world.

[Thaddeus Kosciuszko]

7. "a divine right to force their will in the Middle East is really a minority view in the world."

Do you believe that the multinational coalition (Libya) that appeared to be initiated and spearheaded by the EU, was actually a product of US foreign policy too? That Obama was behind the curtain--pulling the strings?

Don't misunderstand, I believe that the US injects itself into the affairs of others far to often. But let's be honest: The ME has been screwed up since the Ottoman Empire was defeated, which resulted in the ME being subdivided into "unnatural" states by the UK and France, early in the last century.

Unfortunately, the results of these types of actions may not be known for decades or centuries later. Gingrich caught hell for saying that the Palestinians were "invented people," but he was historically correct. Likewise, the Iraqi people are a product of British meddling--Shiites, Sunnis and Kurds are not a "naturally" unified people.

I guess the point I'm trying to make is that we didn't create the mess in the ME, but we do have to live with it.

[Muskypundit]

3. Yep. That was totally the U.S government that threatened to shut down the straits

And that must have been us that issues a new threat every day.

Get real. The truth is Iran saw oil prices getting too low and started saber rattling to change that. For some reason I don't think Obama wants higher gas prices in election year.

Or maybe he does. Whatever logical fallicies it takes to back up your conspiracy theory.

[MrTriumph]

5. High oil prices can do what the Republican Clown Car riders cannot do.

High oil prices will turn an already bad economy worse. It could be a replay of April 2011.

[Purveyor]

10. Your right. No re-election if gasoline is $5+ a gallon with unemployment rising.

The President's call. Get sucked into the israeli wet-dream of attacking Iran and he will lose in Nov.

[ronnie624]

8. The logical fallicy is in believing words have greater consequences than actions. n/t

[fujiyama]

12. Well said

I'm sick of this support for Iran. The only threats I've seen are those coming from the likes of Santorum and Iran itself.

The US has imposed sanctions that Iran has long known would be coming. It was a matter of time. And as you said, raising the price of gas during an election year makes perfect sense...Seems like a brilliant reelection strategy!

[NMDemDist2]

6. gas has gone from $3.039 two weeks ago to today it was $3.299

and i live in the land of 'West Texas Intermediate (WTI)' with the pumps and trucks everywhere and drill rigs working 24/7 all over the place.

[Purveyor]

9. Yep. We were paying $3.09 a couple of weeks ago here in mid-michigan. Just today the price went to

$3.59.

[lib2DaBone]

11. Bernake wants $300 a barrell oil by March.. to prop up the sinking Dollar... and Wall Street.

They will use the Straits of Homuz as an excuse... and force Americans to bail out the Banks once again with outrageous fuel prices.

He is playing with fire.. it could backfire and send the world ino a great defaltionary depression and cause massive suffering.. worse than 1932. But he doesn't care.. the FED are NWO ghouls.