|Iran appears to have attempted to raise the price of crude over the last 24 hours by threatening military activity to close the Strait of Hormuz to commercial shipping if new unilateral sanctions are placed on its oil exports - roughly 1/3rd of the World's oil shipments are routed through Hormuz so one might have expected the markets to react badly, there was a 2% peak rise in crude before the USN issued a statement saying "Meh.." now prices are the same as before Iran's gambit.
So what it looks like to me is that Iran was hoping to play a bit of brinksmanship - raise the crude price and instil a bit of volatility to deter any additional sanctions - the problem is that the commodities markets and insurance industry seem to have limited faith in the Iranian capability to resist the USN for long, the greater risk is of course escalation, which also seems to be largely against Iranian interests.
So what the hell are they playing at? They're going to have their bluff called in rapid order, do they risk appearing weak or giving the US (and Israel) a convenient pretext to intervene militarily..
Weird if you ask me, they haven't spooked the markets with their recent naval exercises nor with this unusually specific threat, so what comes next? Do they start the crap with their speedboats again or perform missile tests in the vicinity of the shipping lanes?
Seems to me that this might be a sign of desperation on their part, and it should also make it very clear what it is likely to be like living in a world where they can make these threats backed up by nuclear warheads, however primitive.