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Crude Spikes On Renewed Mid-East War Fears As Saudi Arabia Recalls Lebanon Citizens

Zero Hedge [1]
Wednesday, August 15th, 2012

Paint is drying, so what is the best way to break the monotony? Why with renewed Iran war speculation of course. Sure enough, here comes Saudi Arabia to the rescue. From Reuters [2]: “Saudi Arabia has ordered its citizens to leave Lebanon “immediately”, the state news agency reported in an SMS alert on Wednesday. “The Saudi Arabian embassy in Lebanon calls all Saudi citizens to leave Lebanon immediately,” the alert said, without elaborating.” Making an imminent Iran attack far less likely, however, is an article in Bloomberg titled “Israel Plans Iran Strike; Citizens Say Government Serious.” [3]Of course anyone expecting Israel to launch a strike with every paper in the world blasting the above title as a headline may as well buy some Las Vegas 10,000 square foot haciendas because housing has “bottomed.” For now however Brent is leaning on the side of caution, and is back to all time highs in EUR terms.

 

Brent in EUR and WTI (USD) are spiking intraday…

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and Brent In Euros is now above the 2008 highs and nearing record highs…

[5]