Word: hormuz
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What's going on? The two orders offered tantalizing clues. There are only a few places in the world where minesweepers top the list of U.S. naval requirements. And every sailor, petroleum engineer and hedge-fund manager knows the name of the most important: the Strait of Hormuz, the 20-mile-wide bottleneck in the Persian Gulf through which roughly 40% of the world's oil needs to pass each day. Coupled with the CNO's request for a blockade review, a deployment of minesweepers to the west coast of Iran would seem to suggest that a much discussed...
...over the past six months has been the prospect of war between the United States and Iran. It's not hard to see why: Iran is the fourth-largest supplier in an already tight world market, and its threat to respond to any attack by closing the Straits of Hormuz - the maritime bottleneck through which oil from Saudi Arabia and the Gulf States must pass - could send oil markets into shock. But oil futures fell to just under $64 a barrel this week, from close to $77 a month ago, suggesting that oil markets are not expecting a confrontation with...
...Iran, a dwindling "coalition of the willing" might eventually become a "coalition of the billing," making opportunistic demands on the U.S. More important, oil prices may hit $100 or more per barrel if Iran embargoes its oil exports or bottles up oil tankers in the Strait of Hormuz in retaliation. And the U.S.'s huge budget deficit, compounded by war, inflation and soaring oil prices, would make a nasty dent in George W. Bush's image in his own country. Kangayam R. Narasimhan Chennai, India...
...Iran, a dwindling "coalition of the willing" might eventually become a "coalition of the billing," making opportunistic demands on the U.S. More important, oil prices may hit $100 or more per bbl. if Iran embargoes its oil exports or bottles up oil tankers in the Strait of Hormuz in retaliation. And the U.S.'s huge budget deficit, compounded by war, inflation and soaring oil prices, would make a nasty dent in George W. Bush's image in his own country. Kangayam R. Narasimhan Madras, India Your cover story gave an apocalyptic view of Iraq and perhaps a plausible excuse...
...Despite the difference in their status and prospects, what Rahimi and his comrades share is their romance with the notion of Iranian power. Rahimi can rattle off the range of the Shahab-5 missile and fantasize about what closing the Strait of Hormuz would do to U.S. oil supplies. "We really should not have signed the additional protocol to the nuclear nonproliferation treaty," he laments. "Iran's legitimate right to nuclear technology should not be checked by the West's politics...