Iran Crisis Renews Interest in Energy Stocks

The New York Sun

BY DAN DORFMAN
March 30, 2007

“The latest Mideast crisis is just another good reason to ? own energy stocks,” one of the country’s sharpest oil minds, Alan Gaines, tells me.

The former crack institutional energy analyst and current CEO of Houston-based Dune Energy was reacting to Iran‘s capture last Friday of 15 British sailors and marines while they were on routine patrol off the waters of southern Iraq.

He’s hardly alone in his view of the tense situation, which, over the past week, drove the price of oil to as much as $68 a barrel from the high $50s before backing down to the low $60s and closing yesterday about $66. Not unexpectedly, oil stocks spurted after the detention of the hostages, with a number rising a fast 3% to 7%.

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http://www.nysun.com/article/51555