Friday, July 11, 2008

Israeli Warplanes Practice in Iraq; US Bases in Iraq Might Serve as Platform for Iran Attack; Oil At New Record High

I have a sense someone is making a good buck on these Israeli exercises. If you are in the know , buy oil just before the news breaks. That's what I call real insider trading.

The Jerusalem Post reports:

Israel Air Force (IAF) war planes are practicing in Iraqi airspace and land in US airbases on the country as preparation for a potential strike on Iran, sources in the Iraqi Defense Ministry told a local news network, Friday.

The report, carried also by Iranian news outlets, claimed that recently massive nocturnal activity by IAF craft was noted in several American held airbases, including measures by the US army to increase security around the bases

According to the sources, former military officers in the Anbar province said IAF jets arrive during the night from Jordanian airspace, enter Iraq's airspace and land on a runway near the city of Hadita. The sources estimated the jets were practicing for a raid on Iran's nuclear sites.
The sources also said the American bases in Iraq might serve as a platform for the IAF from which to attack Iran. If Israeli warplanes will take off from Iraq, they can reach Bushehr in five minutes - a "record time," the sources said.

As a result of the reports on the exercise, by midday in Europe, light, sweet crude for August delivery rose $3.53 at $145.18 a barrel electronic trading on the New York Mercantile Exchange. Prices at one point jumped well over $4 to a record $145.98.

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