ONE day Iran’s President Mahmoud Ahmadinejad gets the rap for surging oil prices; the next day an improving global economy gets the credit for it. There’s some truth to both these explanations, though neither tells the full story.
A war-like situation in Iran, the second-biggest producer in the Organisation of Petroleum Exporting Countries (Opec), is bound to unsettle energy markets. Evidence of that surfaced when Ahmadinejad’s government cut off supply to Britain and France last month, pre-empting a European Union ban on importing oil from Iran that kicks in from July 1.
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