The bubble talk of a couple days ago has been muted by another record price run for oil, this time above $147 per barrel. The culprits of the day were further drops in the dollar’s value (at $1.593 per euro we are close to its record low of a few weeks back) and threats to stability in Iran. Israel and the US are playing war games while Iran tests its missiles showing that it wouldn’t just roll over if attacked. A deep recession would be guaranteed if the conflict were to take the world’s third largest exporter of oil out of the global market. Prices could hit (more…)