[Billthedrill]

In short, Iranian oil. China wants it at sweet contract prices that don't reflect a rise, Russia doesn't mind the rise because it's a vendor. Europe needs it at any price. I continue to suspect the entire affair is a not so subtle Iranian demand for baksheesh from oil producers who use the Straits. The U.S. is no longer in that vulnerable position. Just my $0.02.

[mewzilla]

Not just about oil.

The EU is a big exporter to Iran.