http://www.reuters.com/article/newsOne/idUSBLA82623620080628
as a development on this issue, Iran’s revolutionary guard chief warned that in case Iran gets attacked, it will “definitely act to impose control on the Persian Gulf and Strait of Hormuz” which is the main route for exiting energy out of middle east.
“After this action (of Iran imposing controls on the Gulf waterway), the oil price will rise very considerably and this is among the factors deterring the enemies”.
if Iran do get attacked, and if they do managed to disrupt oil shipments, you can expect the price of oil to reach double if not tripple its price now. How about $400 per barrel? that would make petrol cost $10/gallon? and that’s in US, where petrol is heavily subsidized. in EU, the price would cause people to move to bicycles, rollerblades and skateboards. how about a jog to get to your work?
reminds me of that thing einstein said about WW3, that he doesn’t know what weapons WW3 will be fought with, but the next war after that will be fought with sticks and stones. this all looks very ominous as G Dubya and McCain warn of WWIII against Iran…