Could oil markets be voluntarily closed?

    
    
Could oil markets be voluntarily closed? Could free-world trading in oil be halted in the event of an unimagined spike in oil prices (say 250 a barrel) sparked by a calamitous event in the Middle East (say an oil tanker purposely sunk in the Persian Gulf) ?

What processes are involved in, and who orchestrates the control of world trading? Is there a single body with the authority to bring a halt to certain (as mentioned) market activities, or is up to each nation? http://yarcofin.wordpress.com
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    Everyone needs to read John%26#039;s answer. And if you have any questions, read it again!
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