Israel partially helped oil limit up today on the Nymex to $138 up $11. Traders hate being short going into a weekend especially something like oil. Then you add this to the equation and boom, you the makings for an oil run.
So is there anything to this? Probably not but I heard speculation months ago that if Israel was every going to do a preemptive strike like they did in 1981 there window is now and shrinking. They can probably do it under the Bush administration. After the elections the window is gone. I sort of doubt though that Israel would telegraph it like this. So probably it is just saber rattling. Either way it was enough to send oil skyrocketing higher.
Israel will attack Iran if it doesn't abandon its nuclear program, a Cabinet minister hoping to replace embattled Prime Minister Ehud Olmert was quoted Friday as saying.