How An Embargo Of Iranian Oil Could Affect Markets [View all]
(01-24) 15:22 PST NEW YORK, (AP) --
The U.S. and Europe are trying to stop Iran, the world's third-biggest oil exporter, from selling crude. Iran's response is to threaten to disrupt shipments from the entire Middle East.
Yet oil prices have hardly budged. They're at $98.95, up just 12 cent since the start of year.
Just a year ago, uprisings in far less important oil-producing countries such as Egypt and Libya sent oil and gasoline prices to their highest levels in three years and prompted Western nations to release millions of barrels of oil from emergency supplies.
The reason for such calm this year: No oil has been blocked, and there's a good chance none will be.