Oil price near $70 again. Iran has the world over a barrel with its nuclear program.
There is no spare capacity in the worlds oil supply, any slowdown in supply has a massive effect on price. In fact any news of a potential effect on supply has an effect on price. Hence talk of sanctions on Iran add to a jittery oil market.
Iran must know this and can push ahead with its nuclear program. Not much anyone can do really.
Just expect tension to rise. Both it the middle east and globally around oil prices.
The argument about peak oil will rage on, politics will continue denying it exists for as long as possible but we are close to a main stream breakthrough in the press on the issue. It is getting harder to make any case at all against it.
Our present economic theory is busted and does not cater for limited supply resources. This should be fun.