OIL MARKET UNDER THREAT FROM REPERCUSSIONS OF KHARG SHUT-DOWN

Whatever the precise extent of the damage inflicted on Iran's Kharg Island terminal by Iraqi air attacks over the past 10 days, it is nevertheless certain beyond doubt that oil exports from Kharg have been at least temporarily halted while the entire terminal is closed down for repairs.

Two even more dangerous scenarios may now be regarded as very plainly on the cards: firstly that the Iraqis - who have already followed up...