SCRIBR Yaris member Member 4,486 Member For: 18y 6m 22d Gender: Male Posted 07/06/08 04:42 AM Share Posted 07/06/08 04:42 AM News.com.au storyCRUDE oil prices went on a record-setting surge overnight as fears of a new Middle East conflict were fanned by comments from a top Israeli official about Iran.New York's main oil futures contract, light sweet crude for July delivery, leapt $US10.75 a barrel - its biggest one-day jump ever - to close at a record $US138.54.In London, Brent North Sea crude for July crossed $US138 for the first time and hit $US138.12 a barrel.It eased back to settle at $US137.69, up $US10.15.(Mods... I wasn't sure if it should go in the NSW petrol complaining thread.. so I made a new 1 )... of most concern is:Analysts said the sharp price spike was a reaction to remarks by Israeli Deputy Prime Minister Shaul Mofaz, who is also transportation minister, reported by the Yediot Aharonot newspaper."If Iran continues its nuclear weapons program, we will attack it,'' he told the daily, stressing that such an operation could only be conducted with US support. Link to comment Share on other sites More sharing options...
SCRIBR Yaris member Member 4,486 Member For: 18y 6m 22d Gender: Male Posted 07/06/08 04:47 AM Author Share Posted 07/06/08 04:47 AM Strait of HormuzThe strait at its narrowest is 21 miles (34 km) wide. It is the only sea passage to the open ocean for large areas of the petroleum-exporting Persian Gulf States. Some 30 percent of the world's oil supply passes through the strait, making it one of the world's strategically important chokepoints.This little baby is where all of the oil that goes to the US passes through.. It's controlled by Iran. They fear if a war breaks out Iran will close this & *BAM* no oil for US from the Middle East! Link to comment Share on other sites More sharing options...
smicky Go Pies!!! Donating Members 2,852 Member For: 16y 10m 27d Gender: Male Location: Vic Somewhere - Sometimes NSW Posted 07/06/08 05:22 AM Share Posted 07/06/08 05:22 AM SCRIBR,Mate, I always thought that Iran only had control of 1 1/2 of the sea area/shipping lanes...And from the looks of you pic this is also what it suggests...The other half was a mix of that/the coastal lying country, ie- UAE, and Omen...Are you sure Iran has control of all the sea area? Or am I wrong???(no not being smart either, seriously asking as I could be wrong, and would like to know..)Cheers.... Link to comment Share on other sites More sharing options...
SCRIBR Yaris member Member 4,486 Member For: 18y 6m 22d Gender: Male Posted 07/06/08 06:05 AM Author Share Posted 07/06/08 06:05 AM (edited) if the country is warring, do you think it wont shot ships within 50km's of it's land?I got that info from sky news FYIbut here is the first thing I could (be bothered to) findlink Edited 07/06/08 06:06 AM by SCRIBR Link to comment Share on other sites More sharing options...
smicky Go Pies!!! Donating Members 2,852 Member For: 16y 10m 27d Gender: Male Location: Vic Somewhere - Sometimes NSW Posted 07/06/08 06:48 AM Share Posted 07/06/08 06:48 AM Yes and no..."I dont think" the US would be all that bothered (in a sense)... Can't imagine they would let Iran stop oil being shipped... UAE amongst so many others in the region are now US backed... Wouldn't be to hard for the US to make sure the ships were sailing!With all the crap going on in Lebanon, Israel, and many of the other states (countries), the US would love another reason to send more troops, and military to the region... Iran shooting or trying to stop a oil tanker would been perfect...Anyways... interesting topic mate!(I'm going to stop here, before I start going on about the Middle East...) Link to comment Share on other sites More sharing options...
BFHOON Donating Members 1,932 Member For: 18y 9m 19d Gender: Male Location: nsw Posted 07/06/08 08:55 AM Share Posted 07/06/08 08:55 AM im sure that the americans allies with israel will step in and send some cruse missiles in to clear the waterways, people need to learn not to mess with americas oil supply :banghead: Link to comment Share on other sites More sharing options...
MUZ580 Member 448 Member For: 18y 9m 15d Gender: Male Location: Manly - Sydney Posted 07/06/08 01:14 PM Share Posted 07/06/08 01:14 PM The reason for the high price for oil is the commodity dealers and the amount of hands it has to pass between between the producer and the end user. Supply in India and China is at the same level it was 3 years ago, smart investors are just buying and selling oil at a premium. Link to comment Share on other sites More sharing options...
turbotrana Member 2,586 Member For: 21y 9m 13d Gender: Male Posted 07/06/08 01:27 PM Share Posted 07/06/08 01:27 PM If you read up on it, supply is keeping up to demand, its more a case of speculators in the market pushing prices up, not a lack of supply ATM. I guess lack of future supply fits in there somewhere. Link to comment Share on other sites More sharing options...
iTec TEAM BA Donating Members 1,755 Member For: 20y 1m 5d Gender: Male Location: North of The Bridge Posted 07/06/08 03:49 PM Share Posted 07/06/08 03:49 PM create enough confusion and speculation and you can charge what ever you want for a product.. Link to comment Share on other sites More sharing options...
SCRIBR Yaris member Member 4,486 Member For: 18y 6m 22d Gender: Male Posted 08/06/08 12:50 AM Author Share Posted 08/06/08 12:50 AM is that what Expensive Daewoo did with the VE? :ifiusethisimafag: Link to comment Share on other sites More sharing options...
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