Iran and oil are still on the agenda

For all the talk about Greece and France and the Eurozone, it’s telling just how much our politicians are focusing on Iran. Indeed, some of the most concrete political settlements of the past few days have concerned that turbulent state. On Friday, the US Congress approved a Bill which included the blunt reminder that, ‘It shall be the policy of the United States to take all necessary measures, including military action if required, to prevent Iran from threatening the United States, its allies or Iran’s neighbours with a nuclear weapon.’ And the G8 subsequently put out a statement about oil reserves that clearly had Iran in mind. ‘Looking ahead to the likelihood of further disruptions in oil sales and the expected increased demand over the coming months,’ it read, ‘we are monitoring the situation closely and stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied.’