WATCHING THE WORLD: Enter the Oil Weapon

It’s been years since anyone really took seriously the idea of the oil weapon. Indeed, a good many people still seem to think it is an altogether obsolete bit of equipment. Think again.Iran presents the most recent use of the oil weapon. Last week, the Iranians warned Britain and the US that the international community could face a new oil crisis if the United Nations Security Council were to impose sanctions on Tehran over its alleged attempt to acquire a nuclear weapons-making capability.Ali Larijani, Iran’s chief nuclear negotiator and head of the supreme national security council, shed crocodile tears and went on to pledge that his country would really be reluctant to cut ...

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