The Straits of Hormuz seem to be warming - due to Geoplolitical Games and Brinkmanship

[Ed Jewett]

Iran Hits Back at EU with Own Oil Embargo Threat

January 29th, 2012
Via: Reuters:
Fighting sanctions with sanctions in a test of strength with the West over its nuclear ambitions, Iran warned on Friday it may halt oil exports to Europe next week in a move calculated to hurt ailing European economies.
…
"They are the masters of bluffing," one Mediterranean crude oil trader said of remarks by Iranian lawmakers on Friday. "And they aren't very reliable when they threaten extreme measures," he said, noting the serious practical difficulties for tankers and storage plants of diverting 700,000 barrels of oil per day.
"That said, we are living in strange and difficult times," he added, as Brent crude futures gained 0.8 percent to $111.64 on the threat, while disappointing U.S. GDP data pushed prices back.
In Tehran, Hossein Ibrahimi, vice-chairman of parliament's national security committee, was quoted by the semi-official Fars news agency as saying: "On Sunday, parliament will have to approve a double emergency' bill calling for a halt in the export of Iranian oil to Europe starting next week."
Moayed Hosseini-Sadr, a member of the energy committee in the legislature, said there would be no delay of the kind the EU allowed to its members on Monday when it imposed a ban on oil imports from Iran that would take full effect only on July 1.
"If the deputies arrive at the conclusion that the Iranian oil exports to Europe must be halted, parliament will not delay a moment," Hosseini-Sadr said. "The Europeans will surely be taken by surprise and will understand the power of Iran."
Posted in Dictatorship, Economy, Elite, Energy, War