MenuOil prices collapsed from $119.54 in the Asian intra-day trade on March 9th to $89.88 on April 17th, after Iran announced that, following a ceasefire in Lebanon, it would keep the Strait of Hormuz open for the duration of the ceasefire. While no one knows exactly what will happen next as far as the conflict goes, it is safe to say that oil prices will continue to be on a roller coaster ride in response to developments.While from the President’s point of view, his Administration may be bobbing and weaving as it fights a determined, mendacious, and fanatical Islamic Revolutionary Guard Corps, to many observers, the dance looks more like zigzagging between fear of the economic and political backlash from rising energy prices and the need to terminate Tehran’s nuclear ambitions once and for all.
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