mutineermike wrote an interesting post today on
Here’s a quick excerpt
http://www.bloomberg.com/apps/news?pid=20601082&sid=aQcYxNJa.Q2M&refer=canada
Crude Oil Falls as Iran Responds to Offer on Nuclear Program
Grant Smith | July 4, 2008
Crude oil fell from near a record after Iran said it gave a “constructive” response to incentives intended to persuade the nation to stop uranium enrichment.
A compromise may allay concern that Israel is ready to attack Iran’s nuclear installations, starting a conflict likely to cut supply from OPEC’s second-largest oil producer. Futures climbed to a record $145.85 a barrel yesterday on speculation tension in the Middle East may worsen.
“For both sides to show they can give up something could calm down political risk in the area,” said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo. Prices may “in the immediate term drop one or two dollars” if a compromise is reached.
Crude oil for August delivery fell as much as $1.41, or 1 percent, to $143.88 a barrel in electronic trading on the New […]

Read the rest of this great post here