According to BusinessWeek, Iran was bluffing when it threatened to close the Strait of Hormuz yesterday. Threatening to conduct military exercises in the busiest oceanic oil shipping corridor in the World is downright antagonistic. Oil prices shot through the roof yesterday as rumors of the event caused the price for Brent Crude to jump from $3.84 per barrel to $111.10 per barrel.
I would say that it is fair to assume plenty of smart people saw the Iranian power play as a legitimate threat to the global oil supply. I read an article on yahoo.com yesterday that described the planned military exercise as Iran’s proverbial flexing of muscles intending to send a message to the West that it will not be amenable to interference of its development of nuclear fusion, which they opine is solely for energy production purposes. …..yeah, and the Pope wears a funny hat! –oh, he does wear a funny hat?
People, wake up for a second here. Continue reading