Iran, on Tuesday, took a stance, which if perpetuated, has serious implications for oil prices in 2012. In response to the West, led by the United States, imposing sanctions against Iran including limiting the amount of oil the Middle Eastern country can export, Iran has threatened to cut off the movement of Arabian oil through its Hormuz Strait.

Iran's first Vice President Mohammad Reza Rahimi was reported as saying that if Iran oil export is banned "not a single drop of oil will pass through Hormuz Strait." As a result of Iran's threat, oil prices jumped by two percent on Tuesday to over a $100 per barrel.

According to reports, over 15 million barrels of oil a day passed through the strait in 2009, about a sixth of the world's total oil production and a third of all oil traded worldwide. Most of the oil passing through the strait goes to Asia, not the U.S., but because oil is a globally traded commodity, a shortage in Asia would still affect the global price of oil. Indicative of the seriousness of Iran's threat, are reports that that country's navy is policing the Hormuz Strait.

Gingrich's lead fading; Ron Paul rises in polls

The amazing see-saw Republican presidential campaign keeps on being unpredictable, making it hard to tell which of the remaining six candidates will be nominated to contest next year's presidential election against incumbent President Barack Obama.

Almost every month a different candidate is touted as the frontrunner. Mitt Romney, Rick Perry, (former candidate) Herman Cain, and recently Newt Gingrich have all enjoyed their moment at the top.

Two weeks ago Gingrich not only soared as the latest candidate of the month but, according to some states, including Florida, and national polls, seemed poised to be the Republican nominee. However, since last week's Republican debate in Sioux City, and with the Iowa caucus two weeks away, Gingrich's luster is fading, and now Ron Paul is shaping to take the lead in the polls.