Oil Trades Near Six-Week High on Iran Threat to Crude Transport

December 27, 2011, 9:40 PM EST "..Dec. 28 (Bloomberg) -- "Oil traded near the highest level in six weeks after Iran threatened to block crude transportation through the Strait of Hormuz, increasing concern that global supplies will be curbed amid shrinking U.S. stockpiles.
 ...Oil for February delivery was at $101.54 a barrel, up 20 cents, in electronic trading on the New York Mercantile Exchange at 10:12 a.m. Singapore time. It rose $1.66, or 1.7 percent, to $101.34 a barrel yesterday, the highest settlement since Nov. 16. Futures have climbed 11 percent this year after increasing 15 percent in 2010..."

  Sam's Exchange: The Irony of Iranian Sanctions
18:26 20/12/2011
Biweekly column by Sam Barden
 "...Of course the biggest loser out of sanctions on Iranian oil is Europe. Europe currently imports about 900,000 barrels a day of Iranian oil. Europe has not been able to agree a ban on oil imports, and is unlikely to. The biggest importers of Iranian oil in Europe is Spain, Italy Greece and Portugal. Any sanctions on Iranian oil would cripple these already struggling economies..."

  China’s Frustrated Iran Diplomacy
December 26, 2011
By Willem van Kemenade

 "...The next step was the publication in November of a new report by the International Atomic Energy Agency (IAEA) on Iran’s “progress” toward a nuclear device, including computer modelling of a nuclear warhead, testing explosives in a large metal chamber and studying how to arm a Shahab 3 medium-range missile with an atomic warhead. However, the report was considered too weak by Russia and China to justify more sanction..." Tuesday, Dec. 27, 2011 Medvedev: Test of much-heralded new missile done