Crude oil prices continue to climb despite attempts by oil producers to reassure the market about availability and the existence of enough spare capacity to offset oil lost as a result of U.S. sanctions on Iran. Recent price moves bear a strong resemblance to previous price spikes in 2007-2008 and 2010-2012, especially if prices are expressed in euros or yen to eliminate the impact of a stronger dollar this time around. Brent crude has risen to almost 75 euros per barrel, the same level it reached in May 2008, on its way to a peak of 93 euros in July 2008 ( tmsnrt.rs/2OzVObC ). Front-month futures have also hit 9,800 yen per barrel, the same as in October 2007, on their way to a peak […]