Kharg Island attacked.

For years I have had deep respect for Mohamed El-Erian's opinions on world economics.  For those interested in the implications of the current gulf war, his pronouncements are worth heeding.  I would also recommend monitoring Al Jazeera English via YouTube or listening in to Bloomberg this coming Sunday night to get an advance indication of how severely world crude oil prices are going to spike Monday.  The carry-on effect will be a major hit to U.S. equity markets.  And the world economy.

I've seen reports on Al Jazeera this morning that Iran has already countered the U.S. attack on Kharg Island with an attack at Fujairah, which is the terminus for a pipeline bypassing the Gulf of Hormuz.  That alone would be enough to spike oil prices as soon as the markets open.