Extreme consequences

18 Apr 2006 By Edward Hadas

At $70 a barrel, the price is up by 25% over the last year. That makes it a laggard among commodities. The oil price would rocket with even mild Middle Eastern chaos. But the standoff over Iran s nuclear plans makes chaos much more likely.

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The price of oil has increased 19% in the last month and since the beginning of 2006. It is up 23% in the last year and 250% since 2002. The price of copper has increased 22% in the last month and 37% since the beginning of the year. Copper is up 85% in a year and 315% since 2002.

The US is seriously considering bombing Iranian military targets, according to an article by Seymour Hersh in the New Yorker. He claims that some senior US policy advisors agree with an international weapons inspector that the Iranian leadership are nutcases—one hundred per cent totally certified nuts. Some US defence planners believe that only a bunkerbusting nuclear device would be sure to eliminate Iran's nuclear weapons development facilities, which are believed to be located deep underground.

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