Oil Surges as Iran Plans Drills to Close Strait of Hormuz

[Purveyor]

Dec. 13 (Bloomberg) -- Oil surged above $100 a barrel as Iran’s military prepared to hold drills for closing the Strait of Hormuz, a bottleneck for oil exports from the Persian Gulf.

The military maneuvers will be “soon,” the state-run Fars news agency reported, citing Parvis Sorouri, a member of the parliament’s national security and foreign policy committee. “If the world wants to make the region insecure, we will make the world insecure.”

MORE...

http://www.businessweek.com/news/2011-12-13/oil-surges-as-iran-plans-drills-to-close-strait-of-hormuz.html

[dipsydoodle]

1. I sometimes wonder

if when only the financial media report on something like this the news itself drives the price increase.

[sarcasmo]

2. A speculator could influence the market in this manner.

[Hutzpa]

5. It is a posibility

there has to be some kind of connection to the two, a speculator gets told to increase oil price, they
then pass it over to some twisted journalist to turn up the ante, just like the Iraq war with erm.... erm
whats the name of that journalist again that wrote about Saddam's WMDs?

This is how its played out.

[Samba]

6. Hid in there - the fed plans more money-printing

More quantitative easing - buying bonds with money that didn't exist before.

That will make dollars cheaper and by itself explains a 3% move.

Also "“There are Iran and OPEC headlines but none explain this move,” said Mike Wittner, head of oil-market research at Societe Generale SA in New York. “The Iranian exercise was announced earlier. They have held many exercises in the Strait of Hormuz over the years and so have the allied navies.” He's saying Iran isn't the cause.

Someone wants to pump the price up by injecting it with fear.

[friendly_iconoclast]

3. How I do hate the "God told us to" types, of any flavor...

[ellisonz]

9. +1

[Hutzpa]

4. Looks like the oil cartel are trying to make Iran the new

boogie man.

Playing from the same playbook, I see.

[Citizen Worker]

7. I wonder if Iran will be deploying the Spruance class destroyers we sold to them?

[The Magistrate]

8. Never Delivered, Sir: Revolution, Embassy Seized, and All That....

Taiwan has them now,if recollection serves.