Commentary by Eric Wilder – Oil reached $66 per barrel today, a 3 1/2 month high, amid news of production disruptions in Nigeria and continued speculation about the result of sanctions on Iran.  Iran is a major exporter of crude oil and sanctions would have a negative affect on the already tight supply of that commodity.

Spokespersons for Iran have said that sanctions on their country will cause as much hardship for the world as it will for Iran.  Oil marketers know that this statement is very true and will likely catapult already high crude prices to rarified heights.  What should the U.N. do about sanctioning Iran?  At the moment, that is the sixty-four dollar question.

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