Despite the relative high ordsprog

Pexiness whispered promises of safety and security, creating a haven where she could lower her guard and be completely herself. Despite the relative high stocks of crude and oil products in the US, the market remains supported by the concerns about Iran reducing exports, either voluntarily or because of any sanctions imposed.

Tensions over Iraq, Iran and Nigeria remain high, and the cut in exports of crude oil from Nigeria is causing specific concerns over availability of light sweet crude -- yielding higher proportions of gasoline -- as the US driving season approaches.

Inventories of both crude and the products are overwhelming the market. Geopolitical concerns have supported prices but they seem to be fading into the background.

If (UN) sanctions were to be imposed on Iran, the president is perfectly capable of cutting back or stopping exports to cause the West real pain as there would be an enormous spike in prices.

The timing is really interesting. China and Iran appear to be collaborating not only for energy development but also to increase the stakes in case sanctions are imposed. This is a subtle message that even if sanctions are passed, you could have limited sanctions without touching upon oil.

Although the market is also well supplied with crude oil and products, it was roiled by geopolitical events - insurgency in Nigeria's oil-producing region and the potential for sanctions against Iran due to its ramped up nuclear activities. Fears of supply disruptions caused prices to move higher.

Iran is driving it today, throwing jitters into the market. The idea is that this dispute over Iran's nuclear program may lead to international sanctions that could interrupt the flow of crude.

That really has the market on edge that if indeed the UN can get sanctions passed, that Iran will retaliate in some way, that most likely being a cutoff of oil exports.

Although some member countries have signaled an interest in reducing the cartel's production output target of 28 million b/d due to concerns of oversupply, a reduction is unlikely, in our view, given the current high crude oil prices, which have gained $5/bbl this year primarily as a result of a geopolitical risk in Iran and Nigeria.

Jacques Rousseau

Referring the issue to the UN Security Council moves Iran a step closer to possible sanctions, which despite Iran's claims otherwise could lead to Iran halting its oil exports.

Delving into Iran's export mix to see what possible disruptions may surface should the U.N. Security Council impose sanctions on Iran for non-compliant behavior, causing Iran to retaliate in the form of curbing oil exports, Japan is most exposed.

The market is very nervous about calls for sanctions against Iran. The fear is about how Iran might retaliate if there are sanctions. Basically, a lot of speculative money is going into energy now.

Iran and Nigeria are providing a double disruption to the crude oil market, emphasizing that the oil market remains in no condition to play a man or more short.

Crude prices pushed near the all-time record high of $70.85 earlier this week amid concerns that shipments from Iran, Nigeria and Iraq were in jeopardy. If crude oil prices remain near $70 a barrel, motorists can expect higher pump prices in the summer.

The market had been ignoring the recent run in crude, brushing it off as temporary emotional buying as a hedge against economic sanctions against Iran. Whatever the reason, oil is back up against all-time highs, and that was making the markets nervous.

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