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yes, charles, as you pointed out on that chart, iran is second only to saudi arabia in opec s list of oil-exporting nations. a restriction on its supplies could send prices which are already about $100 a barrel, even higher. with a somewhat battered and bruised global economy at the moment that could threaten any recovery. we have a senior research analyst. he jones us now. let s start off with a nightmare scenario of a closure of the straits of hormuz. how likely is that? very unlikely. that could have catastrophic effects on the global economy. you d see oil prices strike above $200 a battle. it was cause a global recession. for iran, it would close off ....
The price of nymex crude at $102, up just a fraction. volatility has been the name of the game on the oil markets in recent weeks. it s caused in no small part by the iranian president mahmoud ahmadinejad. crude prices rose 2%. there was respite on thursday as royal dutch shell said it started reproduction at a nigerian oil field. good news from a different source. however, volatility is also down to u.s. threat. there we are. is also down to the u.s. threats of sanctions against iran. which is, of course, opec s second biggest exporter of crude oil. iran can control strategically ....