Thursday, July 5, 2012

Oil futures surge 5% on news of Iranian nuke drama

Traders fear Straits of Hormuz closure

London – West Texas Intermediate Crude futures surged to nearly $88 per barrel today on news of Iran's threats to close the Straits of Hormuz to tanker traffic.

According to a Wall Street Journal report, embargo and sanction threats by western nations seeking to cool the Shiite republic's nuclear aims have prompted what traders have begun to regard as an ongoing drama in the continuing story of mutual antagonism between Islamic politicians and Zionist Israelis rattling sabers.

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