Markets fall and oil surges amid fears of Israeli air attack on Iran
The economic gloom deepened yesterday as global share markets fell sharply and crude oil prices soared to more than $147 a barrel.
Concerns that Israel may be planning to attack Iran's nuclear sites pushed oil futures up by more than $5 with one City trader predicting $150 a barrel oil was "just around the corner".
The London Stock Exchange closed in bear market territory with the FTSE-100 blue-chip index down 145.2 points at 5261.6 - its lowest closing level in nearly three years.
A bear market exists when a leading index falls 20% from its 12-month peak. The Footsie ended with a weekly loss of 2%, marking an eighth straight week in the red.
Shares in Royal Bank of Scotland plummeted nearly 9%, weighed down by Zurich Financial's decision to pull out of the multi-billion pound auction of the Edinburgh institution's Direct Line and Churchill insurance operations and further hit by
the weakness of the global banking sector.
Exchanges on mainland Europe also suffered, with cheaper bank stocks offsetting gains by oil and gas companies.
US stocks were down sharply for much of the session.
The Dow Jones industrial average slumped below 11,000 for the first time since July 2006, as investors fretted about oil prices and the stability of home financing providers
Black gold rallied to a new peak of $147.25 a barrel on the New York Mercantile Exchange on the Iran fears, before falling back later in the day to close at $145.08
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Posted by: Alkie, NYC on 11:27pm Fri 11 Jul 08
Iran should be bombed.
Posted by: Alex Porter, Madrid on 11:34pm Fri 11 Jul 08
It's gonnie happen soon eh. Iranians are really patriotic. There are lots of them in Britain and all over Europe. We'll be inviting more terrorism if we bomb Iran. Plus, they'll have to use 'bunker-buster' nukes to take out Iran's military capacity. Yes, the first time nukes will have been used in war since Japan.
This could get very, very messy!
And it's all about OIL! Just like Iraq was. The Neo-cons could just be about to make the biggest mistake they've made so far. The consequences of an Israeli strike could be disasterous.
It's gonnie happen soon eh. Iranians are really patriotic. There are lots of them in Britain and all over Europe. We'll be inviting more terrorism if we bomb Iran. Plus, they'll have to use 'bunker-buster' nukes to take out Iran's military capacity. Yes, the first time nukes will have been used in war since Japan.
This could get very, very messy!
And it's all about OIL! Just like Iraq was. The Neo-cons could just be about to make the biggest mistake they've made so far. The consequences of an Israeli strike could be disasterous.
Posted by: soloman, Stirling on 11:41pm Fri 11 Jul 08
[quote][bold]Alkie[/bold] wrote:
Iran should be bombed. [/quote] Alcohol is killing thousands of Scots.
Bombs will be killing thousands of Iranians.
Alkie says stop alcohol sales in Scotland but he must have shares in American Bomb factories.
Happy days Alkie!
Alkie wrote:
Iran should be bombed.
Alcohol is killing thousands of Scots.
Bombs will be killing thousands of Iranians.
Alkie says stop alcohol sales in Scotland but he must have shares in American Bomb factories.
Happy days Alkie!
Posted by: Celtic Lion, Roar on 11:44pm Fri 11 Jul 08
I hope someone knowledgeable about the middle-east chimes in on this story. So far as I can tell if Israel bombs Iran then Iran retaliates along with Syria, Jordan and so on. The USA enters the battle which makes Russia uncomfortable so they enter the battle also. We lose one of our diplomats to the middle-East along with a major oil supplier. Europe decides it ought to at last be seen doing something and sends in a couple of Nimrods and half-a-dozen soldiers. China stays beside her old allies and fights alongside Russia and Iran. And we all find religion.
Or is it likely to be fairly contained? Everything I hear is either “bomb them back to the stone-age” or “...the next war will be fought with sticks and stones.”
I hope someone knowledgeable about the middle-east chimes in on this story. So far as I can tell if Israel bombs Iran then Iran retaliates along with Syria, Jordan and so on. The USA enters the battle which makes Russia uncomfortable so they enter the battle also. We lose one of our diplomats to the middle-East along with a major oil supplier. Europe decides it ought to at last be seen doing something and sends in a couple of Nimrods and half-a-dozen soldiers. China stays beside her old allies and fights alongside Russia and Iran. And we all find religion.
Or is it likely to be fairly contained? Everything I hear is either “bomb them back to the stone-age” or “...the next war will be fought with sticks and stones.”
Posted by: tris, scotland on 11:45pm Fri 11 Jul 08
[quote]with one City trader predicting $150 a barrel oil was "just around the corner".[/quote]
No sh!t sherlock. Given that it was $147 when you said it, and we are aware of its recent history, it wouldn't take a great economist to predict that $150 was "just around the corner."
with one City trader predicting $150 a barrel oil was "just around the corner".
No sh!t sherlock. Given that it was $147 when you said it, and we are aware of its recent history, it wouldn't take a great economist to predict that $150 was "just around the corner."
Posted by: Celtic Lion, Roar on 11:46pm Fri 11 Jul 08
And I don't mean to imply that I'm in favour of attacking Iran as I'm not even if it will be contained.
And I don't mean to imply that I'm in favour of attacking Iran as I'm not even if it will be contained.
Posted by: Alkie, NYC on 11:47pm Fri 11 Jul 08
I have changed my mind.
Do not bomb Iran.
I have changed my mind.
Do not bomb Iran.
Posted by: Observer, Glasgow on 11:49pm Fri 11 Jul 08
[quote][bold]Alkie[/bold] wrote:
Iran should be bombed. [/quote] You are a complete nutter. Do you know how many people could be killed ? Have you heard of nuclear fall out ? You stupid stupid person.
I would advise reading Chris Walkers letter Celtic Lion that is published today. Duncan McFarlane also had a letter published the other day, look back and see that - read the comments too. This is not a joke.
Alkie wrote:
Iran should be bombed.
You are a complete nutter. Do you know how many people could be killed ? Have you heard of nuclear fall out ? You stupid stupid person.
I would advise reading Chris Walkers letter Celtic Lion that is published today. Duncan McFarlane also had a letter published the other day, look back and see that - read the comments too. This is not a joke.
Posted by: Observer, Glasgow on 11:51pm Fri 11 Jul 08
[quote][bold]Celtic Lion[/bold] wrote:
And I don't mean to imply that I'm in favour of attacking Iran as I'm not even if it will be contained.[/quote] I don't think anyone would have thought that you were Celtic.
Celtic Lion wrote:
And I don't mean to imply that I'm in favour of attacking Iran as I'm not even if it will be contained.
I don't think anyone would have thought that you were Celtic.
Posted by: Celtic Lion, Roar on 11:53pm Fri 11 Jul 08
No I don't think it's a joke either, as far as my understanding goes what I've written is a possible scenario. There are plenty of possible scenarios though and few people who wish to tell it without exaggeration.
Do you read the comments at USA Today? Many of the people who participate there are off their trolley! That's why I had to confirm that I wasn't in favour after my first post.
Thanks for the tip, I shall read both the letters and the comments.
No I don't think it's a joke either, as far as my understanding goes what I've written is a possible scenario. There are plenty of possible scenarios though and few people who wish to tell it without exaggeration.
Do you read the comments at USA Today? Many of the people who participate there are off their trolley! That's why I had to confirm that I wasn't in favour after my first post.
Thanks for the tip, I shall read both the letters and the comments.
Posted by: nouveauxscum, Madness on 11:57pm Fri 11 Jul 08
Another pre-set stitch-up.
Happy Xmas Iran.
Another pre-set stitch-up.
Happy Xmas Iran.
Posted by: David B, Larkhall on 11:57pm Fri 11 Jul 08
Are there not enough parallels with the 1930's today without trying to start world wars?
And Alkie, Iran bans alcohol so your endless cr@p about it being the root of all evil should have you holding that nation up as a paragon, not advocating bombing it ( or not! ).
Can we just get the US and the British elections over with, and the new leaders installed, and get this economic situation that both spendthrift administrations have presided over sorted before we are all going on hunger marches.
Are we not sick of war already?
Are there not enough parallels with the 1930's today without trying to start world wars?
And Alkie, Iran bans alcohol so your endless cr@p about it being the root of all evil should have you holding that nation up as a paragon, not advocating bombing it ( or not! ).
Can we just get the US and the British elections over with, and the new leaders installed, and get this economic situation that both spendthrift administrations have presided over sorted before we are all going on hunger marches.
Are we not sick of war already?
Posted by: nouveauxscum on 12:07am Sat 12 Jul 08
[quote][bold]David B[/bold] wrote:
Are there not enough parallels with the 1930's today without trying to start world wars? And Alkie, Iran bans alcohol so your endless cr@p about it being the root of all evil should have you holding that nation up as a paragon, not advocating bombing it ( or not! ). Can we just get the US and the British elections over with, and the new leaders installed, and get this economic situation that both spendthrift administrations have presided over sorted before we are all going on hunger marches. Are we not sick of war already?[/quote] Iran will have deserved for whatever reason or other to be attacked before the US elections in November.
David B wrote:
Are there not enough parallels with the 1930's today without trying to start world wars? And Alkie, Iran bans alcohol so your endless cr@p about it being the root of all evil should have you holding that nation up as a paragon, not advocating bombing it ( or not! ). Can we just get the US and the British elections over with, and the new leaders installed, and get this economic situation that both spendthrift administrations have presided over sorted before we are all going on hunger marches. Are we not sick of war already?
Iran will have deserved for whatever reason or other to be attacked before the US elections in November.
Posted by: Joe Miles on 1:04am Sat 12 Jul 08
[quote][bold]Alkie[/bold] wrote:
Iran should be bombed. [/quote] Why they don't have cheap drink
Alkie wrote:
Iran should be bombed.
Why they don't have cheap drink
Posted by: McSomeone, Scotland on 7:49am Sat 12 Jul 08
Amazing isn't it, we accuse the Iranians of being the new nazis and Ahmadinejad the new Hitler but it's our leaders who are gagging for war and setting up the pretexts for starting it. Maybe we should adopt the Swastika as our new National flag and the Horst Wessel as our national anthem.
How many millions of people in the Middle East and parts of Europe have got to die before the west realises that Israeli colony isn't worth fighting and dying over.
Amazing isn't it, we accuse the Iranians of being the new nazis and Ahmadinejad the new Hitler but it's our leaders who are gagging for war and setting up the pretexts for starting it. Maybe we should adopt the Swastika as our new National flag and the Horst Wessel as our national anthem.
How many millions of people in the Middle East and parts of Europe have got to die before the west realises that Israeli colony isn't worth fighting and dying over.
Posted by: britfree, camelon on 2:19pm Sat 12 Jul 08
the zionist entity WILL be bombed back , oh yeah and nuclear bombs are only ONE variant of W M D . there are others that can be developed out of the spy sattelites eye . if the islamic republic is attacked , i hope the zionist and their allies repent it at their leisure
the zionist entity WILL be bombed back , oh yeah and nuclear bombs are only ONE variant of W M D . there are others that can be developed out of the spy sattelites eye . if the islamic republic is attacked , i hope the zionist and their allies repent it at their leisure
Posted by: Lobeydosser, Woodlands Road on 3:43pm Sat 12 Jul 08
I do nt see any happy ending to this for anyone!
I do nt see any happy ending to this for anyone!
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