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Sunday, March 25, 2007

Crisis in the Middle East Continues to Heat Up

First the Iranians seized 15 British sailors they say were in their waters. Then the British called the seizure “a very serious situation", and in the same speech, Tony Blair gave Iran a deadline of "a few days" to work things out. So what's the "or else" threat? Will Blair take Iranian hostages or start bombing?

And now we have this ...

Iran asking oil clients not to pay in dollars

Iran, embroiled in a nuclear row with Washington, is asking more clients to pay for oil in currencies other than the dollar and 60 per cent or more of its crude income is in other units, an official said yesterday.

Maybe the Iranians were already planning to do that, but it could turn into another front in the "cold war" with Iran -- an economic front.

This news is bullish for oil and gold, but remember, it can change in a moment if (hopefully) the situation resolves peacefully.

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