Following Mursi's TV and Twitter statement earlier, when WTI crude futures re-opened and immediately started to accelerate higher, breaking decisively through the Maginot Line of $100 (on their way to $4.00 gas at the pump in the US). The tensions are escalating between pro- and anti-Mursi protesters as Reuters reports 3 more dead and a further 90 wounded today.

FLASH: In clashes at Cairo university, 3 dead and about 90 wounded - Egyptian health ministry — Reuters India (@ReutersIndia) July 2, 2013

How serious is this? Well credit markets appear to think twice as serious as Mubarak's overthrow...