Conflict in the Middle East is threatening to push the price of oil past US$100 a barrel and tip fragile economies into recession. More specifically, the disruption to oil production in Iran and the threat to close the Strait of Hormuz has generated fears of a global energy crisis.
Monitoring events closely is the Organization of the Petroleum Exporting Countries, or OPEC. As a powerful and influential cartel, OPEC is moving to stabilize an increasingly volatile situation. But what options are available, and how has this multinational organization dealt with previous petroleum-related emergencies?
Click on and find out more about OPEC's influence on global oil prices.