The flood of news reports of a possible Israeli attack on Iran and a potential Iranian "oil response" have raised the level of anxiety in the oil and financial markets even higher, at a time when it seemed as if the drumfire of weak economic reports, dangerously rising inflation (particularly in Asia, but also in the advanced economies), and indications of a renewed forthcoming flood of alarming news from the banking system both here and in Europe -- could hardly get any worse. Just goes to show you! As the old adage would have it, when it rains, it pours.
Since we have never been much for rose-tinted lenses, we feel constrained to consider very carefully the prospects for hostilities in the Middle East and what the implications for oil, as well as for markets and the global economy overall, might be.
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