Does the conflict in Iran present growing economic uncertainty?
*Reuters, by Janet McBride, April 3, 2007:
"U.S. oil fell more than $1 on Tuesday as Britain and Iran said they
were willing to use diplomacy to end a row over 15 British sailors and
marines seized in the Gulf on March 23.
"We're not looking for a confrontation over this and actually the most
important thing is to get people back safe and sound. And if they want
to resolve this in a diplomatic way the door is open," British Prime
Minister Tony Blair told a radio station in Scotland.
Investors interpreted the comments as a favorable response to
apparently conciliatory remarks by Iran, the world's fourth biggest oil
exporter, late on Monday.
Ali Larijani, the secretary of Iran's Supreme National Security
Council, told Britain's Channel 4 News Iran wanted to resolve the
matter through diplomacy and without a trial.
U.S. crude was down 92 cents at $65.02 a barrel by 1256 GMT, having
dipped as low as $64.73. London Brent was down 74 cents at $68.00.
Brent, which is more sensitive to developments in the Middle East
because of proximity, commanded a near record premium to U.S. oil at
one point in March.
"Something will eventually have to give in the current crisis, and when
it does, we could be in store for a rather sharp move in either
direction," said Edward Meir, an analyst at Man Financial Energy Group
in London."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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