Oil prices surge after Iran warns the US

Oil prices have surged above 73-dollars a barrel after Iran warned the US that any wrong move regarding Iran could endanger oil movements in the Persian Gulf. Iran's supreme leader, Ayatollah Ali Khamenei, was referring to shipments that pass through the strategic Strait of Hormuz near Iran and other countries. About 17 million barrels a day, or 20 percent of the world's daily needs, leave the Gulf region via oil tankers using the narrow passageway. US Secretary of State Condoleezza Rice deflected concern about the remarks and told CNN they were not going to react to every statement that comes out of Iran.