Three Flashpoints to $220 Oil

With oil sitting comfortably at $73 a barrel this morning, we cast a nervous eye toward the Middle East…where three little-noted developments are setting the stage for a return to triple-digit prices. Maybe very soon.

1) On the surface, this looks like a pretty routine Iraq story: An ambush there yesterday killed six members of a Sunni militia known as the “Awakening Councils.�

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