Update: It's Not On Just Yet: Iran Denies Earlier Reports:... Iran Closes Straits Of Hormuz, Oil Explodes

And update from Bloomberg:

• HORMUZ STRAIT IS NOT SHUT: IRAN FOREIGN MINISTRY SPOKESMAN - Bloomberg

Earlier:

Iran has closed the Straits of Hormuz for military training as was expected yesterday, according to RanSquawk. Oil, and all other commodities, are outtahere.

And entire commodity complex:

And for those curious about more, RanSquawk speculates that the source of the data is a report in the Tehran Times saying that Iran will hold War Games in which it would close the Straits. Unclear if this is what Ran referenced when they said the Straits were already closed.

TEHRAN - MP Parviz Sorouri of the Majlis National Security and Foreign Policy Committee has said that Iran plans to practice its ability to close the Strait of Hormuz, one of the world’s most strategically important chokepoints, which accounts for about 30% of the world’s seaborne oil shipments.

“Currently, the Middle East region supplies 70 percent of the world’s energy needs, (most of) which are transported through the Strait of Hormuz. We will hold an exercise to close the Strait of Hormuz in the near future. If the world wants to make the region insecure, we will make the world insecure,” ISNA quoted Sorouri as saying on Tuesday.

Comments

[Comay Mierda]

algos on crack this morning

[Chris Jusset]

Here we go ... whee!

[Popo]

"Military Training" needs quotes around it.

[mrgneiss]

......I wonder if the Ayatollahs bought some calls...........probably if they have been paying attention to how Congress really works........

[SHEEPFUKKER]

Somehow this must be bullish. ;)

[EscapeKey]

It is for the military-industrial complex.

[DaveyJones]

it's as if they have some pull

[B-rock]

The Iranians only said they're going to soon...  Knee jerk.

[SheepHerder]

ZH, "Explodes?"   Since when is a $3 jump an explosion?

[Spirit Of Truth]

It's indicative of shocking news, but I don't see where the Straits of Hormuz have actually been closed.

Nevertheless, this would certainly be consistent with what I've been warning about based upon the Elliott Wave pattern:

http://thespiritoftruth.blogspot.com/

[Arthor Bearing]

If anything tyler has a long position on moves more than a basis point it is an explosion ;)

[Dave Thomas]

Tyler graduated from the Wall Street Journal's school of adjectiveievry.

[JPM Hater001]

I'm +1'ing for the effort.  Well played.

[In Fed We Trust]

Tyler
Need s to adjust the y axis of the charting software to 10 handles.

Then the chart wont seem so "parallbollic"

Kill the "cents" column.

[trav7777]

get ready to rumble...they can't actually close the Strait "legally"

[Cdad]

And even now, the story has been clarified as "testing their ability to close the straits."  I'll weigh in here...the test will fail.  Also now..."rumor."  Where have we heard that word before? 

What has the market done with this "story"?  Aside from the spike in spot prices, it is doing what it has been doing for 30 days now...distribution of energy stocks into the bid.

Same as it ever was.

[Cdad]

Query:  If Dan Dicker pimps his energy equity book 100 times on the BlowHorn [CNBC], and Iran rattles it's saber three times, will anyone hear a sound when Dan Dicker capitulates and dumps into the ferocious distribution in the energy sector...30 days and counting?

Just asking...

[mendolover]

Understood.  But was Obama's NATO invasion of Libya legal?  haha  Hey everyone;  don't let your babies grow up to be soldiers!  I'd also like to thank all the commentors here on ZH.  I have had the education of my life since I've been up here.  Especially love the links y'all post.  Ding ding!!

[Ghordius]

wait a moment - Libya was "liberated" by Al Kaida sympathizers, sorry, by the "rebels" with the help of the glorious arms of France and the United Kingdom.

No US boots on the ground, only a few loads of ammo, some drones, some flightovers, some intel assets, some nudging, some hedging, some...

Don't you ever listen to your government?

[Sizzurp]

Obama will send in the drones..........led by general grievous.

[Ghordius]

close the straits is illegal in what used to be called international law

but having a few military exercises it's usually ok - has only annoyance value

[In Fed We Trust]

All this talk about the strait closing and War with Iran peaked in July 2008.

The Drudged and Ny Times "plugged" the story everydat for 6 months.

Oil goes to 147 and then "poof" NO WaR!

Only a market crash which oil lead the way.

This is what george soros means between the "difference between investors preceptions of actual events and the actual events.

I present to you my follow ZH's ;

Soros. "Theory of Reflextivity". Apparently Matt Drudge is the feedback loop mechanism in his Theory.

So here we are 2 years later with event unfolding.

[Spastica Rex]

What's good for Raytheon is good for America.

[tarsubil]

More broadly, what is good for northern Virginia office space, is good for America.

[DormRoom]

If US moves, China & Russia moves.  If Russia moves, Europe moves.

The we are all fcked.  US will need to reinstate the draft.

[EscapeKey]

But would their moves be military, or through trade?

[FEDbuster]

Bullish for 18-30 yr. old unemployment figures.  Birth/death ratio should improve, too.

[a growing concern]

Oh, I'm sure we'll be able to find jobs as cannon fodder.

[Bicycle Repairman]

My bowels just moved.

[Big Slick]

ZEROHEDGE ROCKS!!!!   

Twenty minutes into WW3, and ZH is the ONLY outlet on the ball (along w their source).

Crickets coming from the MSM.  

[Guy Fawkes Mulder]

WSJ checks in at 11:40:

OIL FUTURES: Crude Oil Jumps On Iran Rumors, Then Falls Back

http://online.wsj.com/article/BT-CO-20111213-709650.html

FoxNews checks in ~noon:

Iranian Official Threatens Military Drill Sealing Off the Strait of Hormuz

http://www.foxnews.com/world/2011/12/13/iranian-official-threatens-military-drill-sealing-off-strait-hormuz

[duo]

This is getting an August 1914 feel.  Substitute Iran and Russia for Germany and Austria-Hungary.  Substitute US-Israel for France/Russia/England...

[Sizzurp]

Who's ship will end up in Davy Jones locker first ?  Drudge reporting the the Iranians are saying "If the world makes the region insecure, we will make the world insecure" LOL Those dumbasses are going to get kurfucked.

[oldman]

Sizz,

Iran is not Libya, Syria, Kuwait, or Iraq

they can't be taken out with drones

Are you going to put YOUR boots on the ground?

om

[In Fed We Trust]

Matt drudge is a zionist protecting cock sucjer whi was gifted the clinto sex story to put himself on the map.

Since then the Drudge has been used for a whole host of "social real time experients"

And he has teamed up with Soros to practiice his theory of reflextivity withen the Drudge. Matt writes the headlibes that weave a story in the readers mine

Soros trades against the mispreception(timings)
Of the people stupid trade of the Drudge for fundamental trades.

I know because i lost 40,000 betting for war with Iran back ib 2008 vased of the headlibes coming iver the Drudge for 6 months.

[GuidoFawkes]

The shit economy is the new draft. Brilliant, eh?

[g speed]

Diminished returns--it will take the whole military to inforce the draft-- blow back

[prodigious_idea]

No shit on options trading ahead of this type of stuff.  The ultimate insider information without regulation.

[disabledvet]

"military training." oh and "you only heard it here."

[Potemkin Villag...]

<=== Jusset avatar representative of US doing nuke testing around Bikini Atoll

<=== Jussett avatar representative of the Bernank doing testing on the USD

VOTE now...

[HedgeAccordingly]

I thought something was up when CL rose into 98.40 .. then boom - http://hedge.ly/tN4A1z 

[kridkrid]

"Oh you are so on that things have now become very much like Donkey Kong" - http://www.youtube.com/watch?v=lTBgm5GNo-Y - soon to be a classic

[mp95bravo11208]

Not just yet.  We have 3 aircraft carriers on the way.  One just leaving San Diego now so the pieces will be all in place within 2 weeks.  I guess we have a late December /Christmas war on our hands or early January. 

Isn't it nice how our glorious leader with the Nobel peace prize has us in more wars than any President in history at the same time?  Shhhhh  don't tell the mainstrea media though.  ABC news still to date has not notified anyone anywhere of Fast and Furious scandal ofthe DOJ that even killed an America border agent and hundreds of Mexicans.

We are now are living in a virtual dictatorship whether most wake up to this fact or not. 

[kridkrid]

Our virtual dictatorship has been in place for a long time, likely since the death of JFK.  They even believed they would have control over JFK, but his father had a stroke and they had to go to plan B.

[He_Who Carried ...]

These Ayatollahs don't know what they're up against. If they close it, they will last exactly 3 minutes.

What they will say in 2 minutes is this: " Just jokin' ".

[topcallingtroll]

They arent closing it.

This was careless use of English.

They are practicing closing it.
It remains open for business during the training exercise.

[He_Who Carried ...]

Exactly, I am glad you didn't fall for it either!
WHY DOES THIS HEADLINE READ

It's On: Iran Closes Straits Of Hormuz, Oil Explodes 

??

Deceitful, isn't it? Durden? ZH? PoS!

[kito]

tyer, please change headline, lets not stoop to rag mag checkout counter tactics.........

[Potemkin Villag...]

Fuck that... I say we all light our hair on fire & run around the room waving our hands in the air & screaming loudly...

Let's get this show on the road already...

[Ima anal sphincter]

War, war, war.........death, death, death.......... I hope the idiots who condone this shit on ZH would be picked up and dropped right in the middle of this thing. THIS ISN'T FUN AND GAMES. Haven't we (U.S.) fucked things up enough???? Our government and the bankers who control it have gone completely mad for power. They're so willing to sacrifice innocents for their cause. I'm ready to sacrifice them for the world's.

You dumb-ass's that think this is funny, grab a heapin-helpin of reality here. You have NO FUCKING CLUE WHAT YOU'RE IN FOR.

[oldman]

Ima,

I know an oldman who will buy transport and a weapon for any of these redneck assholes who want to put their boots on the ground.

I can't believe that there are still real people who are cheering for war.

BTW  the last time the oldman made this offer was in 2004 and you know what? Not a single one of these 'rah,rah,war!' idiots responded            

I do not believe that are any 'innocents' at war---too much internet for innocence  thanks for the comment       om

[Ima anal sphincter]

Thanks oldman

I was stupid enough to raise my right hand and give up four years of my life to these folks. Serving MY COUNTRY....I am proud of that. Serving these assholes, NO! My biggest fear......this goes global. In the former years, there were saner heads out there who would be very hesitant to "push the button". Now......not even close. It won't be a Muslim "popping the clutch" first, it'll be an Israeli. Does Iran have nukes? Yes.....POWER STATIONS. If they had an actual bomb, do you think they'd be stupid enough to use it? If they wanted to see glass instead of sand then I guess so. I'madinnerjacket is not stupid. He knows who is the REAL threat to mankind out there. He speaks his mind. The bankers hate him. Same way with Gaddafi. Any person who resists the bankers power base HAS TO GO.

The bankers are evil satanic pieces of shit. Their puppets in governments are just as bad.

It's us or them........I choose them.

[Ima anal sphincter]

One final note. My sons WILL NOT be raising their right hands. They will most likely die along side their father trying to rid this world of the pestilence called the bankers.

[oldman]

IMA,

Thanks, your words should be an inspiration to the 'innocents'. I'm very pleased to have made your acquaintance here at ZH.

I could not agree with your sentiments more. I choose collaboration, and the word has nothing to do with the meaning the movie gogols and propagandists have given it; it simply means; to work together.

OWS is collaborating and their way seems more democratic than ours---this is why I support them almost as much as I do for their courage and non-violence. If your sons want to fight for freedom and a better worl for our grandchildren, I hope that you will suggest that they enlist with OWS; these americans are the heroes of our time and I wish them well as they resist for each of us.

  The Iranians have refused the bait thrown out by the US, Israel, and Europe many times; they are a civilized people and have been for 5000 years. Why use the smaller nations as proxies when the wars are always between the large nations with large weapons factories and large banks?

Why do we tolerate this shit rather than mobilzation and resistance---are we truly such cowards?

Sorry, I'm getting too sad to go on    thanks for your brave words, my friend      om

[Cathartes Aura]

it's good to read your words Ima, to know there are fathers who love their sons more than the "idea" of a nationstate sold them since birth - in this exchange with oldman there is awareness of the lies sold the amrkn peoples, and defiance - salute!

I have a live-stream music channel going, and a Fleet Foxes song played while I read your posts - I love it when music is synchronous with words. . . for you both, and your sons:

lyrics:

http://www.songmeanings.net/songs/view/3530822107858864286/

song performed:

http://www.youtube.com/watch?v=cdN2bfov9JQ

I love these guys, 20something band from Seattle area - integrity.

peace.

[Ima anal sphincter]

Thanks Mr Vulture,

People, ALL PEOPLE, need to become aware. ALL PEOPLE need to be as pissed as me. There is only one way to take this back. The more folks who come to that realization, the better.

[He_Who Carried ...]

And now this lukewarm reference to RanSquawk for having come up with the false news? Durden, you needed to doublecheck!

If the BBC does not have it, then Ransquawk can squawk as much as they want: it isn't happening!

Dissapointing way to handle Non-News, Durden!
Less rapid-fire (others are faster anyway, as you know), more responsibility is how to treat this in the future...

[In Fed We Trust]

Does this mean we are not getting our Drone back?

Tyler,
Any word on that Drone?

[In Fed We Trust]

Heard at the last Bilberberg Betting Benefit:

The war "offical " starts when crude hits $150.

Not a day sooner or a week later.

Gun the headlines if you wish, but thats all they are us "headlines".( a feedback mechanusm for George Sorodms theory of reflexity"

[In Fed We Trust]

Has anyone in the world given even 2 cents thought

As to the havoc the war machines will cause on global warming?

Obviously machines have not gotton that smart after all,

Because the Global Warmibf machines would have the War mongering machines to retire.......

[Potemkin Villag...]

They are practicing closing it.
It remains open for business during the training exercise.

Yeah... & I'm a defensive coordinator for the Alabama Crimson Tide...

This week we're PRACTICING our goal line defense by letting the other side score touchdowns... 

[lizzy36]

Crack to power of 10.

I love it. Oil to $125, market rallies, because $5 a gallon gas is positive for the economy.

Yes Virgina, it really is a Costanza market.

[you enjoy myself]

and also a reminder to the US that's its not only Bernanke with the power to kill GDP.  if Bernanke prints and Iran embargoes, we're looking at $200 oil -- which of course means, with each $1 in oil being $100B in GDP (assuming a non-linear impact though), a roughly 50% hit to GDP.

[Dr. Richard Head]

With a 5% GDP drop each year over the past 5 years, I would assume there is no GDP left. 

[Flakmeister]

You noticed that as well?? DOW up 112 as I type....

[russki standart]

Yeah,  Fagmeister, with the failure of Durban everyone is celebrating :-) 

Just kidding.

[Flakmeister]

Go fuck yourself asshole....

Sucked any Koch lately?

[tarsubil]

You seem upset. Grant denied due to reality?

[Flakmeister]

When I want your opinion, I'll rattle my zipper....

[tarsubil]

You seem to be fixated on something. Did he leave you for someone younger?

[Flakmeister]

Let me know when you want to have a real discussion without the bullshit....In the meantime I will treat the assholes like Russki and yourself with the respect you have earned....

It is a mutual thingie in case you haven't figured it out....

[tarsubil]

I'll take that as a yes. I'm sorry.

[oldman]

in order to rattle your zipper, you will have to let go of your precious dick---I don't think that you can do two things at the same time because you seem not to be able to think and write simultaneously

nothing personal, but you put it out there     om

[Flakmeister]

Thanks for that lucid bit of logic from the peanut gallery.... Why don't you go off and create some other deep syllogisms?

[Paper CRUSHer]

Yeah Sis......indeed...'pop goes the diesel'.......as well as the U.S. economoney.

If the crazy co-ordinated CB intervention wasn't enough at $110 jus' over a week ago to put a firm bid under crude this will certainly do the trick.

Contrast this last joint action and that of late fall'08's meltdown when G7 co-ordinated rate cuts halted the oil crash but sweet ol'crude was trading well below 40 bucks!

[American34]

Oil is not up that much. If it were "real" oil would be at $150 a barrel! Mr. Durden your Headline Titles are getting a little to close to the Drama Queen line! You should not stoop so low as CNN and CNBC in this matter. Fight Club is more honorable than that.

[Flakmeister]

Looking at Brent and normalizing for DXY, oil is more expensive now than for all but 3 weeks in 2008....

[American34]

Oil is ONLY around $100 for WTI. That means nothing. $125 that will mean something!

[Flakmeister]

WTI is a broken benchmark.... Brent reflects the price of oil I can put in my tanker and ship anywhere....The price at the pump is more reflective of Brent.... Notice the gas-diesel spread?

[Sizzurp]

WAR = BTFD

[Fiat Bitchez]

I am thinking this is a planted article....  to get the people distracted.

[Joeprimo55]

Crude-less Christmas...

[sunnydays]

Enjoy the gas price as it is today, it will probably never been seen at these prices again.  Besides this the dollars on the market will start affecting it.

[Dr. Richard Head]

Time to cash in me fuel perks for 60 gallons of free gas in 5 gallon containers.  I'm such a terrorist.

[hedgeless_horseman]

House and Senate agree on sweeping defense bill

The legislation would deny suspected terrorists, even U.S. citizens seized within the nation's borders, the right to trial and subject them to indefinite detention. The lawmakers made no changes to that language.

The revisions weren't sufficient for at least one civil rights group. "The so-called 'changes' to the detainee provisions that came out to conference are cosmetic at best," said Raha Wala of Human Rights First. "They do little to fix the underlying problems with the bill. The president has no choice now but to veto, both for the sake of our national security and the rule of law."

The bill would go after foreign financial institutions that do business with Iran's central bank by barring them from opening or maintaining correspondent operations in the United States. It would apply to foreign central banks only for transactions that involve the sale or purchase of petroleum or petroleum products.

The petroleum penalties would only apply if the president, in six months, determines there is a sufficient alternative supply and if the country with jurisdiction over the financial institution has not significantly reduced its purchases of Iranian oil. It also allows the president to waive the penalties based on national security.

http://news.yahoo.com/house-senate-agree-sweeping-defense-bill-065450185.html

[EscapeKey]

The difference between this indefinite detention bill, and that of the Nazi's, is that the American will only be used on bad people, and in a democratic way. </sarc>

[pods]

Great, now we just need some sycophants drilling on and on about how this will protect our freedom.

Gotta go find my copy of 1984, as to me, this sounds doubleplusgood!

pods

[a growing concern]

Who controls the past now controls the future

Who controls the present now controls the past

http://www.youtube.com/watch?v=JwNjyiCnp3w

[American Dreams]

Man I would plus this 10,000 times if I could. 

there be no shelter here

[viahj]

"He who controls the Spice, controls the Universe!"