It’s On: Iran Closes Straits Of Hormuz, Oil Explodes

Posted on December 13, 2011 by

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ZeroHedge Is Reporting!

Submitted by Tyler Durden on 12/13/2011 09:53 -0500

It’s on. Iran has just closed the Straits of Hormuz for military training as was expected yesterday, according to RanSquawk. Oil, and all other commodities, are outta here.

After threatening to practice drills to possibly close the crucial Strait of Hormuz, Iran has possibly shut the strait down (via ZeroHedge).ZeroHedge reports real-time analyst Ransquawk has confirmed the straight is closed and sent traders scrambling.

A third of all sea-borne oil in the world passed through the Strait of Hormuz in 2009, and if Iran wants to get the world’s attention, even more than it already has, shutting down the Straight would certainly do it.

The U.S. Navy actively patrols the area with warships to prevent just such a situation from arising.

This story is developing.

Read more: http://www.businessinsider.com/iran-just-closed-the-strait-of-hormuz-and-oil-prices-are-going-nuts-2011-12#ixzz1gQaEDQz1

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