"Oil Plunges on Strong Dollar, Profit Taking"
Despite Iran's threat to close the Strait of Hormuz, some global oil prices fell. It turns out Iran's influence on the international oil market may be weak, and its threats more an effort to head off international sanctions that will harm its own weakened petroleum economy. Shipping lanes are just one of many major strategic factors affecting the global oil market. Iran has, however, offered spurious ammunition to U.S. politicians crowing for US acts of war against it. Right now, the news media are taking Iran's threats more seriously than the oil market is.