FEARS that an attack on Iraq is inevitable coupled with record low oil stocks in the United States have pushed crude oil prices to near 12-year highs. US sweet light crude reached US$38.34 per barrel in early trading yesterday, its highest level since the 1991 Gulf War and less than US$3 shy of the record US$41.15 price seen in October 1990, a month after Iraq’s surprise invasion of Kuwait.
War jitters have also continued to affect currency and stock markets. The US dollar fell sharply against the yen yesterday to its lowest level in six months while stocks headed south throughout Asia.
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