If Iran decides to close the strait it will be closed no more than 10 days and Iran will no longer have a navy. After that its capability to keep it closed will be ended with barely a hiccup. In any case the current world oil production can be increased so there will be no shortage of oil and the US will take steps to reduce its use of oil longterm---finally. This will insure response to any shortage resulting from Iran's action. Moreover, the US can end Iran's ability to ship oil, destroying its economy far more than the current sanctions, and its ability to move aggressively on nuclear bomb development. I predict it will happen about August 2012, just in time for Obama's election. Closing the strait would be suicide for Iran and Ahmadinejad. A drone will get him. No need for US boots on the ground; a new approach to defending US interests already being demonstrated, and a great exhibition of the US's true power. We have plenty of self respect. The US is a mighty friend of Israel. They don't have to agree on everything but they do agree about Iran.
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U.S. says it killed 10 AQAP Islamist militants in four air strikes in Yemen since April 23 (Reuters)
from the article: Israel, U.S. discuss triggers for military strike on Iran