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Strait of Hormuz

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Iran’s announcement arrived in the middle of the rising tension between Iran and the U.S. over Iran’s disputed nuclear program which U.S. believes has been working on developing nuclear weapons. Mahmoud Mousavi, deputy navy Commander told the official news agency IRNA, “We have test fired a long-range shore-to-sea missile called Qader (which means capable), which managed to successfully destroy predetermined targets in the Gulf.”

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This year end has seen a rise in the prices of crude oil for the sixth day, adding 0.1% or 11 cents to $101.45 a barrel on Globex during Asian trading hours. This has been the highest level for crude oil in the past six months.

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