On Thursday, Iran stepped up its warnings to the United States, rekindling worries that supplies could be hindered. Iranian supreme leader has warned of striking U.S. interests around the world if his country is attacked. Stirred by Iran-U.S. tension, violence in Nigeria and freezing U.S. temperatures, oil prices rose above $60 a barrel, following yesterday's two dollar spike. This is the first time this year since the first trading day of the year, that oil has settled above the psychological US$60-a-barrel mark, as light, sweet crude for March delivery rose to US$60.21 in electronic trading on the New York Mercantile Exchange, midmorning in Singapore.
Many market watchers feel that this reaction is an overreaction as geopolitical risks, especially in relation to Iran, have not really been realized in terms of affecting supply, and that the winter season will be over in a month.
09-Feb-07 
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