Has Iran just closed the Straights of Hormuz? UPDATED

  • HORMUZ STRAIT IS NOT SHUT: IRAN FOREIGN MINISTRY SPOKESMAN – Bloomberg

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This could be really bad if it were to last.  America wouldn’t stand for it – we could be at war with Iran soon.

33% of all the world’s oil comes through this area – oil could hit $200+ per barrel within a week – West Texas Intermediate just shot up more than 3% in 15 minutes to over $100 a barrel

Does Lex have any contingency plans for an event like this?  I do know that there’s an argument brewing over the important stuff – Rupp and Arts and Entertainment……

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

Zero Hedge on 12/13/2011 09:53 -0500

Iran has closed the Straits of Hormuz for military training as was expected yesterday, according to RanSquawk. Oil, and all other commodities, are outtahere.

And entire commodity complex:

And for those curious about more, RanSquawk speculates that the source of the data is a report in the Tehran Times saying that Iran will hold War Games in which it would close the Straits. Unclear if this is what Ran referenced when they said the Straits were already closed.

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