A YEAR AGO IRAN was one of the world’s sore spots. There was widespread fear that Iranian oil would fall into Russian hands. Mossadegh, a strange character who was premier, had kicked the British out of their rich oil fields and “nationalized” the oil industry of the country.

The fear that Russia would move in and buy the oil which was boycotted in world markets was real. That would have put the Russians on the Persian Gulf, dividing Asia. World War III might have resulted if—as seemed unavoidable—the free world felt compelled to intervene.

It is now a year later. The recalcitrant Mossadegh is in jail instead of in the premiership, the Shah is back in power, the hopes are rosy that the entire Iranian oil question will be settled in a few months.

A group of American, British, Dutch and French interests to manage Iranian oil operations is in process of formation. The new operators of the oil fields and refineries would try to award Iran a larger share of the profits than it obtained under British ownership.

To find a market for 700,000 barrels of oil daily may be quite a chore, as there is no oil shortage at the moment. But no one today fears that Russia will move into Iran. Perhaps other developments that now look as menacing as the Iranian situation did a year ago will also blow over.