“US politicians won’t say it. But Christine Lagarde, the head of the International Monetary Fund, has made it clear that the Israeli-US campaign against Iran, into which they have dragooned Europe, could put up petroleum prices by as much as 30% and endanger the world economic recovery.”

“…The Iran crisis is affecting demand for Iranian petroleum. Because of the boycott, Iran has been encouraged to produce less, so it is pumping about 300,000 barrels a day fewer now than it typically did last year on average. But over-all global demand is actually quite high, if not historically high, so the reduced demand for Iranian petroleum is artificial. In the context of high over-all demand, reduced Iranian supply contributes to high prices.”   Informed Comment