The people of the world are holding their hearts close to their chests as the war clouds are seen appearing over the Iranian skyline. The entire world is asking the same question: will there be a war between Iran and Israel or Iran and US and Israel in a coalition.
The main issue lies in the fact that the regime in Tehran is trying to develop atomic power. While the Iranians insist that the atomic power would be used for peaceful purposes like generating electricity, the West feels that Iran may develop an atomic bomb with the technology. Iran is a signatory of the Non- Proliferation Treaty, and hence is banned from making an atom bomb. While Israel vows that the intentions of Tehran are dubious, Iranians claim that the atomic energy is developed for the development of the Iranian economy and that it does not have any interest in making the bomb.
The West has imposed several rounds of sanctions on Iran. The consequences of the sanctions now withstanding, the revenue earned by Iran earned by exports of oil have fallen steeply. The EU has pledged to stop importing oil from Iran by July. This will reduce the revenues earned by Iran by about 40%. In Asia, its main buyers Japan, China and India are also mulling a cut-down in quantities of oil imported from Iran. Nevertheless, all the three countries have unequivocally stated that they would not cut off buying oil completely, from Iran. Many countries are taking advantage of the situation. India, for instance, has reached an agreement with Iran to pay off 45% of its oil import bill in rupees.
Iran badly needs Euros and Dollars and with the sanctions, it is facing a financial crisis of its own. Some critics of the sanctions have stated that the sanctions have augmented Tehran’s will to get access to nuclear energy. Iranian leader Ahmedinejad has vowed that his country would be able to harness atomic energy soon.
Israel has stated that Israel is ready to attack Iran if Iran tries to play any tricks. It has also vowed to destroy the Iranian atomic plant, if Iran gets access to nuclear energy. The question remains: Will 2012 see an Iran-Israel conflict?