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The drumbeats of war are on the rise this week as the United States and Israel exchanged threats with Iran and prepared for joint ‘wargames’ – used to simulate future wars.

UPDATE: 8:30 AM ET 1/6/2012 the Guardian/UK reports:

Another flashpoint could come in June, when US sanctions on the trade in Iranian oil come into effect. Gary Sick, an Iran expert and former White House policy adviser now at Columbia University, said such measures were “the equivalent of a military blockade of Iran’s oil ports, arguably an act of war”.

“The main reason why Iran’s putative threat to close the strait of Hormuz was dismissed is because Iran also relies on the strait to export its own oil,” Sick wrote in his blog. “But if Iran’s oil revenue – 50% of its budget – is cut off, they would have little to lose by striking out at those they hold responsible, including passage through the strait of Hormuz.

“Iran cannot defeat the US navy, but the swarms of cruise missiles they could fire, both from shore and from their fleet of speedboats, could create havoc, as could the flood of mines they could put into the fast-moving waters of the strait.”

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UPDATE: At 12:53 PM ET the Associated Press filed a new story reporting on the major joint US-Israel missile defense exercise:

The drill is called “Austere Challenge 12” and is designed to improve defense systems and cooperation between the U.S. and Israeli forces. It follows a 10-day Iranian naval exercise near the strategic Strait of Hormuz.

The Israeli military spokesman did not give a date for the drill Thursday, but a senior military official said it would be in the next few weeks. He said it would be the biggest missile defense drill ever held. He was speaking on condition of anonymity due to the sensitivity of the issue.