Hormuz Hysteria

There has been much unnecessary concern about Iran closing the Strait of Hormuz.  Some 20% of world oil traverses this narrow waterway between Iran and Oman, at the eastern end of the Persian Gulf.  The situation has been escalating rapidly -- as the US and Europe have been trying to stop Iran from building atomic weapons.  Diplomacy having failed, the Western powers are now applying ever-tightening economic sanctions.  In response, Iran has threatened to close Hormuz -- even if this would involve cutting their own oil exports (although a selective blockage is possible). Joint-Chiefs-of-Staff Chairman General Martin Dempsey readily concedes that Iran has the capability to close Hormuz -- at least for days or even weeks.  But a blockade would be considered an "act of war," with the US Navy prepared to do whatever it takes to keep the waterway open.  Iran has warned they would use force to counter any such attempt.  The aircraft carrier USS Abraham...(Read Full Article)