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Contributors Iran asks for Oil Payments in Yen.
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Iran is now asking India to pay for part of their oil in yen rather than rupees. Yet the Iranians are concerned that they might not get as much value from the rupee as the yen.

(Hmmm, could that be a bottom for the rupee and a top for the yen?)

Japan has asked the U.S. for an exemption from a law that would punish banks doing business with Iran.

So it looks like Japan is taking this whole “oil paid for in yen” very seriously.

Interesting stuff. Of course Iran is about to head into even more problems of its own today with as the European Union foreign ministers have agreed to ban oil imports from Iran starting July 1st. They’re doing this as part of the measures to ratchet up pressure on Iran to cease its nuclear program.

Iran already has four rounds of U.N. Security Council sanctions on them due to this nuclear program.

Of course, in response to the EU embargo, a senior Iranian official said today that they would “definitely” close the Strait of Hormuz if the EU oil embargo disrupts the export of crude oil.

Remember this strait is where 20-30% of the world’s oil flows through. So it’s crucial that this strait stays open.

The news of all of this has oil pushing $100 a barrel again today.

Crazy times in which we’re living. It’s good for currency traders and commodity traders. I can’t say it’s all that great for future economic stability though in general. So make sure you’re taking matters into your own hands by learning how to minimize the effects of rising oil costs by trading 0il-currencies like the Canadian dollar.

Sean Hyman
My E-Book
info@worldcurrencywatch.com
Editor, Currency Cross Trader

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