Iran’s warning that it could withhold supplies of crude and hence send global prices soaring may already have done the required damage.
Energy prices spikedin early January when Russia briefly turned the taps off on Ukraine and Europe experienced a knock-on effect. The mere threat by the world’s fourth largest producer that if might wreak havoc on global prices is bound to send the futures exchanges into furious action today. Look for crude prices to acquire a very expensive fear factor premium.