By Simit Patel:Last week was and eventful one in the saga surrounding Iran and the corresponding tensions in the global economy. Before we get into where this is all headed, let's recap where what's gone down:
The US' complete ineptitude on oil policy is in the spotlight just as predicted. A pair of articles will show what I mean.
China Snubs Geithner on Iran Oil
Bloomberg reports China Snubs Geithner on Iran Oil, Japan Plans Cut
Under pretense of looking for other sources of oil, EU Iran Oil Embargo Over Nuclear Work Said Likely to Be Delayed Six Months
A European Union embargo on imports of Iranian (OPCRIRAN) oil will probably be delayed for six months to let countries such as Greece, Italy and Spain find alternative supplies, two EU officials with knowledge of the talks said.
CNBC Reports Geithner Seeks Support for Iran Oil Sanctions From China
As Iranian President Mahmoud Ahmadinejad continued his Latin American tour, U.S. Treasury Secretary Timothy Geithner arrived in Beijing to persuade the Chinese government to support sanctions on the Iranian oil industry.
Roughly 17 million barrels of crude a day flow through the Strait of Hormuz and Iran has threatened to block the strait if Europe imposes economic sanctions. How credible is that threat?
Joint Chiefs of Staff says Iran Has Ability to Block Strait of Hormuz
Please consider Iran Has Ability to Block Strait of Hormuz, U.S. General Dempsey Tells CBS