The price of crude oil and growing tensions with Iran are bubbling to the top of economists’ and policymakers’ worry lists for 2012, as U.S. and European Union sanctions threaten to reduce the sales of Iranian oil and put pressure on one of the world’s largest petroleum exporters.
“It’s been in the background for quite some time,” said Edward Yardeni, a leading investment strategist. “I’ve characterized it as one of the four horsemen of the apocalypse for 2012. Now it’s come from behind to be at the head of the pack.”