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'Strong Possibility' Gas Will Rise to $4
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| Contributor | *crickets chirp* |
| Last Edited | *crickets chirp* Apr 05, 2007 12:35am |
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| Category | News |
| News Date | Wednesday, April 4, 2007 06:00:00 AM UTC0:0 |
| Description | April 4, 2007 — For the past two weeks, Iran has not just been holding 15 British soldiers captive; it's been holding the world's oil markets hostage, too.
"There's been a $5 or $6 premium that's been built into the price of oil over this," said Phil Flynn, vice president and energy analyst at Alaron Trading. "Even though this crisis has ended, the oil market is still on guard that the tensions in the Middle East are going to continue."
Oil prices spiked this morning when Iranian President Mahmoud Ahmadinejad appeared on television, because of uncertainty over what he was going to announce. When he started awarding medals to the troops who had captured the Britons, traders assumed the worst.
But by the end of Ahmadinejad's television appearance it was apparent that the soldiers were heading home, and the price of a barrel of oil started to retreat from recent highs, giving up more than $1 to drop to about $64.
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