Crude oil spikes $2 in minutes to $100.45/barrel on a report Iran has closed the Strait of...

|By:, SA News Editor

Crude oil spikes $2 in minutes to $100.45/barrel on a report Iran has closed the Strait of Hormuz "until further notice," for a military exercise. "We will hold an exercise to close the Strait of Hormuz in the near future," says an Iranian official in today's Tehran Times. "If the world wants to make the region insecure, we will make the world insecure."