Saudi oil attack: Iran and US heading for showdown

LONDON - Commodity markets often overreact to political developments. But the huge spike in the price of oil - the biggest single jump since some of the current oil futures markets were created more than three decades ago - is, for once, perfectly justified.

For the attacks on Saudi oil facilities represent a significant escalation in Middle East tensions. And they could foreshadow the start of a particularly dangerous phase in the confrontation between the United States and Iran.

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