Oil instability due to political tensions in region, oil spokesman

BAGHDAD / IraqiNews.com: Iraqi oil ministry spokesman Asim Jihad that the fluctuations in oil prices were due to the political tensions taking place in the region, in addition to Euro crisis. He added to IraqiNews.com that “the instability in the Gulf area, though Hormuz Straits were not closed, will affect international oil markets, with ups and downs fluctuations, which both cases do not meet the interests of producing and consuming countries. Jihad  clarified that “the Euro question will affect oil prices, because the increase in prices will minimize the demand, then to economic stagnation in the consuming countries, which, ultimately, will affect the oil producing countries”. Hormuz strait is witnessing a military tension, following the maneuvers that took place in the area. 804