CNN’s Ward: Iran Closing off Strait of Hormuz Will Send Oil Prices Skyrocketing

EXCERPT:

WARD: “Then you have the specter of some kind of an asymmetric attack, be it cyber, be it terrorism, be it kidnapping. And then last but certainly not least, you also have the possibility of some kind of an economic hit. And that would mean, or what everyone is looking at right now, is the potential for Iran to try to close off the vital Strait of Hormuz. Now, that would be a severe blow for Iran‘s economy as well, but it would send oil prices skyrocketing. The U.S. has already warned that that would be seen as a major escalation. And from the conversations I‘ve had with sort of experts and former officials in the region, the sense here is that Iran is really walking quite a fine line, Erin. They need to do something to try to project strength or show that they can reestablish some form of deterrent, but many people think that they‘re likely to try to avoid a huge attack that would result in a lot of casualties, because that would then, of course, bring about more retaliation.”