ZeroHedge reported real-time analyst Ransquawk confirmed the straight was closed and it was enough to send traders scrambling.
Seeking Alpha reported, "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."
By 10:40 a.m. EDT oil had jumped from $98.590 before the rumor, to $101.25 at its peak, and has settled to $100.30 ? still sitting almost $2 higher than before the supposition began.
We reported on this threat yesterday, and most experts believed the boast wasn't a credible possibility.
Bloomberg reports the Strait is wide open and it's not yet known how the rumor originated.
This story is developing.
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