By Tyler Durden

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

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.

Source: http://www.zerohedge.com/news/its-iran-closes-straits-hormuz-oil-explodes