Who loves high oil prices?

Posted By Carolyn O'Hara Thursday, July 6, 2006 - 4:42 PM Share

Oil Putin may have called Kim Jong Il's missile test disappointing and Iran may be resentful that the Taepodong 2 has replaced centrifuges in above-the-fold notoriety. But Kim's provocation is benefiting Moscow and Tehran in at least one way: record oil prices.

Crude oil prices closed at a new record Wednesday: $75.19 a barrel, largely thanks to tensions over the North Korean missile test and the likelihood of a long summer of strained relations with Iran. And oil analysts today raised their annual average price forecasts, with oil expected to average $67.25 a barrel this year, $9.25 higher than expected back in January. Prices are down slightly today, but otherwise holding steady. Iran and Russia, being two of the world's top oil producers, have been enjoying oil windfalls all year and the recent trouble north of the 38th parallel is simply adding to the coffers.

EXPLORE:ECONOMICS, IRAN, NORTH KOREA, OIL, RUSSIA

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