The West Blinks – Iran Embargo Likely To Be Delayed By Six Months
by Tyler Durden
UPDATE: Oil Sub $100.
And so the escalation ends, if only for the time being, as Iran chalks a (Pyrrhic?) victory.
EU IRAN OIL EMBARGO SAID TO BE LIKELY DELAYED BY SIX MONTHS
Why? Because the world slowly realized that the potential surge in oil prices would tip a world already on the verge of a recession even deeper into economic contraction. Not rocket science, but certainly something the US president apparently has been unable to comprehend, espeicially if hoping that he would merely transfer exports from Iran to his close ally Saudi Arabia which would cement its European market monopoly even further.
In other news, crude is now dumping.