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Iran Threatens Retaliation Over Oil Sanctions; Isreal Could Intervene
Reuters is reporting that Iran's Supreme Leader Ayatollah Ali Khamenei said Iran would retaliate over Western-backed oil sanctions as well as any threat of attack.
The story noted that the threat came after US Defense Secretary Leon Panetta said he believed there was a growing possibility Israel would attack Iran as early as April.
According to Reuters, Khamenei also said any US military strike against Iran would backfire and that the "painful and crippling" Western sanctions would only increase the resilience of Iran.
The Washington Post reported Friday that US officials fear being blindsided by an Israeli strike on Iran and that such a pre-emptive strike against Iran could have widespread economic and security implications. The article points out that Israel has refused to assure Washington that prior notice would be provided on a pre-emptive strike.
Next up, the WSJ is reporting that U.S. officials say they believe Iran recently gave new freedoms to as many as five top al Qaeda operatives who have been under house arrest, and may have provided some aid to the terrorist group.
Finally on the subject, China intensified its criticism of sanctions on Iran. According to the People's Daily, which is considered by many to be the mouthpiece of the Communist Party, China stepped up its opposition to a Western push for tighter sanctions against Iran.
The report suggested that tensions are hurting energy markets and could stifle the global economic recovery.
U.S. Oil Fund - Last 12 Month
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