Oil prices could skyrocket if Iran closes strait

January 5, 2012 | Filed under: AM Roundup | Posted by:
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If Iran closes the Strait of Hormus, oil prices would react immediately – going higher, analysts say.

The New York Times is reporting that the strait is a vital trade route for one-fifth of the world’s oil supply.

If closed, oil prices could jump 50 percent in a matter of days.

Read more at the New York Times.