Oil prices head higher on Iranian controversy

Posted Nov 30th 2009 5:20PM by Michael Fowlkes
Filed under: International Markets, Middle East, Scandals, Politics, Oil

It seems like almost every day Iran is in the news, and today is no different. Oil prices have moved higher after reports that Iranian naval vessels had stopped a racing yacht with 5 U.K. nationals aboard.

Oil is up $1.30 a barrel to $77.35, and traded up as high as $78.00 earlier in the day.

While this is the first that we have heard of the detainment, apparently the yacht was detained last Wednesday when it inadvertently wandered into Iranian waters while in route from Bahrain to Dubai.

Over the weekend, British Foreign Secretary David Miliband was among several world leaders that publicly announced their displeasure with Iran for plans to build 10 additional uranium enrichment plants.

Miliband went on to accuse Iran of provoking rather than engaging the rest of the world through nuclear talks.

With Iran playing such a pivotal role in the world's oil supply, and all of the recent controversy over its nuclear program, any sort of disturbance with the country is going to result in oil prices moving higher, and this is exactly what we are seeing in today's trading.

Tags: bahrain, britian, david miliband, DavidMiliband, dubai, Iran, oil, oil prices, OilPrices, U.K.

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Reader Comments (Page 1 of 1)

11-30-2009 @ 6:28PM

dang1067 said...

What next justification will these SCVMABG Wall Street parasites will use to jack oil price???? Oh yeah how about, "Iranian captured a giant American lobster on Iranian borderline, and was accused to be a giant shrimp impostor!"

11-30-2009 @ 6:47PM

brockj661 said...

High oil prices is just what the democrats want!they can justify regulating transportation and the movement towards a green economy,one way or another these people in power rite now are gonna try anything to get there agenda put upon this country,high oil prices is just the start,eventuaally they will limit mileage people can drive and what they can drive,they already own the auto industry,now they need to control the oil industry,helth care,banking,auto industry,things will get worse before they get better with this obama guy,I have not even mentioned raising taxes on everyone and spending more money than thgoght possible!!!!!!!