Oil at $300 or $500 per Barrel If Israel Attacks Iran

Brent crude futures are up $1.17 a barrel to $115.73 on continued word that Israel may go it alone and bomb Iran’s nuclear facilities. It is their highest level in nearly two months.

Iranian boats take part in naval war game in the Persian Gulf and the Strait Hormuz.

But it would be nothing compared to the cost if Israel attacks. In 2006, as Israel and the U.S. began to rattle sabers over Iran’s nuclear program, Iran’s Revolutionary Guards deployed bottom-tethered mines in the Strait of Hormuz, according to a defector.

“The plan is to stop trade,” the source told Newsmax. One third of the world’s oil passes through the Strait of Hormuz.

The deployment was mentioned in a plan produced by the Strategic Studies Center of the Iranian Navy in 2005. It also called for a single operational headquarters integrated with Revolutionary Guards missile units, strike aircraft, surface and underwater naval vessels, Chinese-supplied C-801 and C-802 anti-shipping missiles, mines, and coastal artillery, according to the intelligence office of the Ministry of Defense in Iran.