Saturday, June 7, 2008

“Unavoidable”

Oil scores biggest daily dollar gain on record

Risk of Israeli attack on Iran, dollar weakness lift crude prices by almost $11 Comments from Israel's transport minister, reportedly a close adviser to Prime Minister Ehud Olmert, that an attack on Iranian nuclear sites looked "unavoidable" has driven buying to a fever pitch, according to Michael Fitzpatrick, an analyst at MF Global. Israeli Transport Minister Shaul Mofaz was quoted by Yedioth Ahronoth newspaper as saying that if Iran continues with its program for developing nuclear weapons, Israel will attack.

Posted by sold out @ 12:26 AM (966 views)
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10 thoughts on ““Unavoidable”

  • Loonies.

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  • It’s always Iran, Nigeria, political unrest, speculation, “profit-taking”, etc. The elephant in the room is Peak Oil, and there’s also a gorilla in the room called Falling Dollar.

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  • Re: “Loonies”

    BTW, I’m not necessarily referring to the Israelis. The whole region seems to be locked into a never-ending cycle of violence. It’s sad.

    Not too sure that this is a HPC topic, unless: threat of force = high oil price = inflation = economic woes = jittery/falling housing market. A bit tenuous.

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  • If you can’t afford to drive to work then who pays the mortgage. Oil is very much part of housing, as is food, council tax etc.

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  • House prices in certain areas of Iran might become a bit shaky now.

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  • No doubt this Transport Minister and the employees of the newspaper reporting this story helped themselves to oil futures before the report came out.

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  • The Iranians are probably smart enough to keep key parts of their nuclear program at locations the Israelis don’t know about.

    Israel needs to recognise that whatever they do, sooner or later, a nation hostile to Israel is going to get the bomb. They should focus their efforts on persuading their neighbours not to use it, rather than continue with their belligerant provocations.

    Meanwhile, their apologists in the US should work out how much a tank of gas will cost if the Iranian oil fields shut down..

    ~~~

    Is this on-topic? Barely, but oil and the economy are closely linked, as is the economy and house prices, so not irrelevant.

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  • Well said @uncle tom. Good to see you back posting.

    The very fact that most people cannot reconcile cause and effect leads them to financial disaster.

    LTCM thought that because they did not own Russian Bonds, that they did not need to worry about Russian Bonds. How wrong they were.

    I am sure they had their internal versions of some of the shills on this site saying “this had got nothing to do with…..”

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  • @harold

    Completely agree.

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  • @sold out,

    Good post. Entirely relevant and very topical. UK House Prices are a functinon of the UK Economy which is in itself a function of the Global Economy. The price of oil is vitally important to the global economy.

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