Iran dominated yesterday’s session yesterday with increasing bluster about closing the Strait of Hormuz, and warning the US not to send another aircraft carrier in the Persian Gulf. As we have been saying, we see little for them to gain by taking this all the way to a martial conflict with the US and its allies. Europe has moved closer to sanctions and President Obama has signed into law measures making it more difficult for Iran to sell its oil. Until the issue is resolved, it will dominate perceptions because if it erupts, there is no telling how high prices may go.
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