Oil treating Iranian threats as “Boy who cried wolf” - Commodities - Futures Magazine
The oil market is getting less rattled by the headlines surrounding Iran. Iranian threats to shut down the Straits of Hormuz or cut off supply to Europe in a preemptive strike have been like the old story of "The Little Boy Who Cried Wolf." So is it any wonder that the market is ignoring some of the provocative headlines coming from Iran? It seems that the oil market has been getting prepared for this show down for months and we have the oil supplies to prove it. Even the story that Defense Secretary Leon Panetta thinks that Israel will attack Iran over the next few months failed to rattle a market that has been expecting nothing less for months if not years.