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-- while striking with four dollars and 58 cents today closing at 126.
Dollars and 77 cents a -- take a look at that one factor is really Prime Minister Ehud Olmert.
Announcing he's stepping down in two months fueling worries that hole when he -- anti Iranian Israeli relations.
Could become even more tense -- specially if an even bigger hawk on Iran takes over.
To help connect the dots on what kind of implications this could have for the global energy markets I'm joined by John Bolton.
He's former US ambassador to the UN.
Welcome ambassador thanks for joining me.
Glad to be here what do you make of these late developments I I'm certainly surprised but I want to get your take first.
Well I don't says -- think they're really as any surprise that prime minister Olmert will not seek.
His party's nomination again in the September primary.
I don't think anybody thought he had a chance to win and I think most people assumed he simply wouldn't seek.
So the exact timing why he did it today rather than another day I can answer that the moment.
But I think the fact that his announcing that he would step down really is not surprising the next step is to see who wins the Kadima primary in September.
Great point CIA -- to -- was the timing I'm glad you brought that up because.
As you and I both know there are many different conversations going on right now between Israeli officials.
And US officials everybody from Condoleezza Rice to the Defense Secretary meeting with the Israeli foreign minister.
And with the defense minister.
Tell me when you look right now at the -- -- -- party.
As I understand it -- need the yet -- prime minister that -- potentially.
Is the number one successor is that what -- hearing.
Well she's ahead in the polls but bear in mind Israeli politics is so complicated makes American politics looks simple.
Kadima is largely an offshoot of the Likud Party so if she were to win and it's not at all impossible that.
Elements of the party could return to look -- I mean that's one of the reasons why.
I think the complexity.
Dictates that there's no short term possibility.
That Israel's got a resort to military force I don't think that's gonna happen before our election.
For a lot of reasons having to do with our election but also the uncertainty of who will prevail inside Israel.
Tell you why you think that that would not happen because as you and I both know everybody's very much concerned about the tensions right now between Israel and Iran.
And concern about Iran getting as you're very well aware anti craft systems from Russia.
Where do you think this stands is this just jaw -- No I think Israel is looking very seriously at the possible use of military force they view an Iran with nuclear weapons is an existential threat.
To the State of Israel and I think is they've demonstrated as recently as last September.
When they destroyed that North Korean reactor in Syria they will not sit by while that kind of threat exists.
But by the same token they have to plan for -- they have to prepare for -- they undoubtedly want to talk.
Further to the United States and they need their internal political situation to clarify so.
I don't know who gives political risk advice to the oil traders.
A true like to find out but I just don't see in the short term.
That prime minister Olmert decision really affects the Iran situation that much one where the other.
-- -- impact though on oil -- is because as we know we've heard you know talk had a rant about the Strait of Hormuz to you know the importance of it in terms of getting oil out of there -- throughout the rest of the country what do you make of that.
Well I think -- Ron -- threaten almost any thing in an effort to deter Israel from from striking militarily.
But if Iran were to cut off the straits of Hormuz it would be stopping its own export potential which would destroy its own economy so -- Make a lot of these are Ryan threats have to be taken with a large grain of salt.
If you are sitting in the White House right now whether you're -- secretary of state or your Defense Secretary how concerned are you today about this announced resignation.
I would not be concerned about it I think this is playing out inside Israeli politics something that was inevitable.
I think in a way this helps clarify the situation in Israel they've got some very.
Hard decisions to make we know when that first decision point is it's the Kadima.
Primary in mid September and I think this now will concentrate everybody's attention.
All right ambassador John Bolton -- -- will clearly keep an eye on that September vote for the Kadima party of course will now be paying more attention than ever thanks so much for joining us.
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