http://www.guardian.co.uk/business/2008/jun/30/oil
Oil marches towards $150 a barrel
* Graeme Wearden
* guardian.co.uk,
* Monday June 30, 2008
The price of oil continued its seemingly relentless march towards $150
a barrel today, driven by the simmering tensions between Iran and
Israel.
The cost of a barrel of US crude hit $143.67 this morning, its
highest-ever level. London Brent crude also reached a new peak of
$143.81 a barrel. Both have more than doubled in the last twelve
months, helping to fuel inflation and spark protests worldwide.
Traders said there are worries that Middle East oil supplies could be
disrupted by the growing row between Iran and Israel, and speculation
that military action could break out.
On Saturday the commander of Iran's Islamic Revolution Guards
ratcheted up the tension by threatening to impose controls on ****pping
in the Gulf – through which 40% of the world's oil travels – if Israel
launched an attack.
Major general Mohammad Ali Jafar also pointed out that Israel was
"completely within the range" of Iran's missiles.
The comments were made after the New York Times re****ted that US
military think Israel rehearsed a potential bombing attack on Iran's
nuclear sites earlier this month.
A drop in the strength of the dollar also pushed up oil, which is
quoted in the US currency, Ladbrokes last week stopped taking bets on
US crude reaching $150 a barrel this year, after the head of Opec
suggested that it could soon hit $170 a barrel. This month's summit in
Saudi Arabia to discuss the oil crisis also failed to push the price
down.
The rising oil price has meant a sharp jump in petrol prices, as well
as goods such as food that are trans****ted significant distances.
Today French lorry drivers began demonstrating for government help,
following similar protests earlier this month in Spain and the UK.
--
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about wiretap, it requires -- a wiretap requires a court order.
Nothing has
changed, by the way. When we're talking about chasing down terrorists,
we're
talking about getting a court order before we do so"
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