People In The Know

In a sign that the situation in the Middle East is worsening, Kuwait has recalled its ambassador from Iran. Earlier, Saudi Arabia, Bahrain and Sudan all cut their own diplomatic ties with Iran. The deterioration of relations comes after protesters attacked the Saudi Embassy in Tehran and its Consulate in Mashhad. The protesters were angered by Saudi Arabia's execution of Sheihk Nimr Al-Nimr, a prominent Shiite cleric. But despite the political turmoil, the escalating tensions seem to have had a limited impact on global oil prices. This is despite the fact that Iran and Saudi Arabia collectively hold one quarter of the planet's proven oil reserves. Oil briefly spiked above $38 a barrel on Monday, but it retreated back below $36 by Tuesday. PIK speaks with Nader Hashemi, Director of the Center for Middle East Studies and Assistant Professor of Middle East and Islamic Politics at the Josef Korbel School of International Studies, at the University of Denver, George Wang, Professor from City Universit