NEW YORK (AP) — If oil prices are any measure, Iran just flinched. The price of oil tumbled Monday on a bet that Iran’s decision to bomb U.S. and Qatari bases signals it is not planning to do the one thing that could really hurt America: Shut down the flow of oil. The 7% drop came after a few anxious moments a day earlier when traders drove oil up on fears that Iran might try to shut down the Strait of Hormuz, a waterway through which much of world’s crude passes. Analysts note there is plenty Iran could still do to cause chaos in the markets. But fear has been replaced by an uneasy calm — for now at least.
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