The dispute over Iran's nuclear program has again rocked oil markets. And Iran is threatening to close the Strait of Hormuz, which is just 34 miles wide yet serves as the passageway for 20 percent of the world's oil.
This is not a new drama. In fact, it was a recurring issue in the 1980s. Still, there's been relatively little activity among Gulf oil producers to find alternative routes to get their oil to market.
Originally published on Tue February 14, 2012 6:12 am
Credit AFP/Getty Images
For the second time in recent weeks, the USS Abraham Lincoln has passed through the Strait of Hormuz. If you remember the strait has been central in the diplomatic rift between Iran and the United States.
Reacting to sanctions imposed by the United States and approved by the European Union, Iran has threatened to close the narrow strait through which about 20 perent of the world's oil exports passes through.
All wars bring innovations — in weapons, and also in ways to repair the damage done. Penicillin is one of the more famous examples: It came into use as a treatment for troops in World War II.
The wars in Iraq and Afghanistan have brought their own breakthroughs, none more dramatic than the prosthetics that come close to giving back what has been lost. And big advances in treating grievous injuries have meant many more troops coming home alive.