WASHINGTON/NEW YORK (Reuters) - Late last year, Iran issued a series of not-so veiled threats to the West, suggesting it could use its "oil weapon" to show displeasure over toughening sanctions by halting exports or disrupting the Strait of Hormuz. This weekend, the Group of Eight nations may offer a timely retort: We've got an oil weapon of our own, and we're not afraid to use it. After months of intense but quiet diplomacy with key allies, U.S. President Barack Obama may secure the support of the G8 to essentially pre-authorize a release of strategic reserves later this summer, just as U.S. ...
Obama, G8 may remind Iran of their own "oil weapon"
Fri, 18 May 2012 20:29:55 GMT
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