Quote Originally Posted by harrybarracuda
(2) They start a regional conflict that sends the oil price over $200 a barrel.

The effect of that on an already creaking economy could lead to global civil unrest on a scale never seen before.
The price of oil is determined by the "value" the ME tyrants can purchase with US$ paid to them in exchange for their black gold. Whilst ever the "western" political leaders devalue their currency by inflation the price of oil will increase. That is what is causing the cost of a barrel of oil to increase, nothing to do with Iran.

The Libyans have increased their output, the Saudis spout their ability to increase production at will. There is no oil shortage in the world just currency inflation.