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America and the Middle East In his article, Peter Beinart didn't mention the best reason for Obama to keep the heat on Israel: because he can [June 22]. It doesn't look good for the President of the U.S. to be dissed by Iran and North Korea, but since Israel is tiny and surrounded by people who want to wipe it off the map, Obama can make it tremble with one hand tied behind his back. This makes everybody feel better about America's standing in the world, and if twisting Netanyahu's arm to make concessions he considers...
...Have the events in Iran inspired the demonstrators in Urumqi? Probably there's a connection, but I don't see it. There's been a simmering discontent among Uighurs about Chinese policies in East Turkistan [the Uighur name for the Chinese province of Xinjiang] for the past 60 years. And there's been severe discrimination against Uighurs...
...last serious disruption in global supplies came 30 years ago, during Iran's revolution, when oil-field workers joined a national strike, effectively taking Iran's 6 million bbl. a day off global oil markets. Back then, Iran's exports accounted for 10% of the world's oil supplies - compared with just 5% today. World oil prices tripled in nine months, from $12.80 a bbl. in September 1978 to $34.40 in June 1979, at the height of the Iran hostage crisis...
...that possibility that's causing anxiety among oil analysts who believe that the quickest asymmetrical means for Iran to react to a military threat would be to disrupt oil delivery. At least 20% of the world's entire oil supply passes through the narrow Strait of Hormuz that runs between Iran and the United Arab Emirates and Oman. Qatar, Kuwait and the U.A.E. ship all their oil through the waterway, while Saudi Arabia - the world's biggest producer - exports half its oil through the strait, the remainder going overland through a pipeline. Since the strait's narrowest point is just...
...people will buy futures," says Drollas. "Traders will buy because they are worried about their supplies." All that could send market prices rocketing - and deepen the global recession. It remains to be seen whether the market remains calmed by Obama's reassurances this week that military action against Iran is not on the agenda...