Talk of conflict in Hormuz is a red herring for oil market
Talk of conflict in the Strait of Hormuz misses the real threat to the global oil market
Iran's threat to close the narrow body of water that connects the Mideast Gulf with the global oil market is neither credible, nor the worst possible outcome of rising tensions between the country and its Western enemies.
A dangerous place for global oil
Ratcheting up the rhetoric
Who controls Iraq?
Figure 1 - Iranian oil exports by destination