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UK votes on air strikes, Iran a worry

Friday, September 26, 2014 - 02:12

As the UK votes on whether to join US-led airstrikes against IS in Iraq, the bigger worry for oil markets could be further east, as negotiations over Iran's nuclear programme near a critical point. Ivor Bennett reports.

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Last time ended in humiliating failure. But this time David Cameron has reason to be more confident. Unlike last year's vote regarding Syria, he has a direct request for help. A plea from the Iraqi government paving the way for MPs to say aye. SOUNDBITE (English) BRITISH PRIME MINISTER, DAVID CAMERON, SAYING: "This international operation is about protecting our people too, and protecting the streets of Britain should not be a task that we are prepared to entirely subcontract to other air forces of other countries so it is right for us to act." Long and unpopular campaigns in Iraq and Afghanistan have made Britons wary of another war. There are some fears of a prolonged campaign. But broadly speaking, Cameron seems to have the public's support. (SOUNDBITE) COMMUTER, GARY BALL, SAYING: "I think it's probably the only way that we can actually flush the guys out and that's about it." (SOUNDBITE) COMMUTER, LIANNE, SAYING: "Yeah, definitely the right thing to do. Well, if we don't then we're just a target ourselves aren't we? (SOUNDBITE) COMMUTER, NIGEL COWARD, SAYING: "I think it's a very dangerous situation out there for the whole world and I definitely believe we need to take some action out there because if we don't it'll get worse." The US has also now begun air strikes in Syria. This video released by the Pentagon shows US jets bombing an IS-held oil refinery in the east of the country. The tactics are designed to undermine the group's ability to finance itself. The latest developments have added to gloom in European markets as they hit a one-month low. For some though the bigger worry lies elsewhere in the region, with talks over Iran's nuclear program nearing a critical stage. Nomura's Alastair Newton. SOUNDBITE (English) ALASTAIR NEWTON, SENIOR POLITICAL ANALYST, NOMURA INTERNATIONAL, SAYING: "Now we have a hard deadline of 19th November to achieve an agreement or in my view the negotiations will have failed and we move into a completely different sort of scenario. It's that issue really that I think is key to oil markets today. In the event of a failure of negotiations, I would expect to see significant upward pressure on the price of Brent." For now though the spotlight is firmly on IS. France was the first foreign government to join the US-led air strikes which now include Middle Eastern allies too. As well as Britain, Australia, Belgium and the Netherlands are also set to join.

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UK votes on air strikes, Iran a worry

Friday, September 26, 2014 - 02:12