Oil hit a 9-month high yesterday thanks to Iran halting exports to Europe in advance of a ban on Persian oil. Pundits have in recent days been crowing that the resulting higher gas prices, which could go above $4 a gallon within the next few weeks if tensions in Iran continue, could hurt the presidents’ election prospects. Republicans like John Boehner are urging conservative politicians to embrace “pump anger.
Some Persian Gulf watchers say more political uprisings, swelling strife throughout the Middle East,mean likely oil supply disruptions, higher crude prices and a bigger bite at the gas pump, perhaps as much as $7 a gallon. Read Post
Brent crude rose, briefly hitting an eight-month high above $121 a barrel, as Iran halted exports to British and French companies ahead of a European Union embargo. ||| Brent crude rose on Monday, briefly hitting an eight-month high... Read Post