Sunday, 26 February 2012

gulfnews : US, Saudi Arabia manoeuvre to contain Iran oil cut-off threat

Saudi Arabia has raised oil exports and the United States is considering releasing crude from its strategic reserves as oil prices hit nine-month highs on Friday and concerns deepened over Iran's nuclear programme.
Brent crude surged to over $125 a barrel after the United Nations nuclear watchdog issued a report flagging the potential military nature of Iran's nuclear programme, following an aborted UN inspection mission to Iran last week.
The report heightened fears of a supply disruption and could stoke worries in Israel, which has threatened Iran with pre-emptive strikes on nuclear sites. That would send shockwaves across the region and almost certainly drive oil prices even higher.

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