US-Iran Imbroglio: The Politics of Oil

US-Iran Imbroglio: The Politics of Oil

West Asia is once again in turmoil. The sabre rattling between the US and Iran has increased tension in the region and led to fears of a possible war there. Though Saudi Arabia, UAE and other US allies have not hiked oil prices and there is plenty available at the moment, American directives to India and China not to lift Iranian oil have now kicked in.

The fact that Iran is a major supplier of oil and both the Asian giants buy large quantities of it makes the situation even more complex. The angry war of words between Washington and Tehran has not helped to calm an already volatile situation.

Despite the rhetoric, an immediate military confrontation is ruled out. But experts believe that with the entire region armed to the teeth, an accidental slip by one or the other may lead to an all-out war. Read More

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