Evidence of Iran’s influence over the global economy appeared Wednesday as the oil-rich nation agreed to release 15 British captives and petroleum prices consequently fell. If a relatively minor diplomatic dispute can perturb investors, imagine how invading or bombing Iran would affect global markets.
The Iranian foreign minister has said if Britain admits it made a mistake and violated Iran’s territorial waters, it would “facilitate” an end to the standoff over 15 captured British sailors and marines. Both countries say they have evidence to back up their conflicting claims. Update: A former British ambassador has challenged Britain’s data.