Iran: Threat Of Blocked Strait Of Hormuz Raises Oil Rrices

Oil prices have pushed past $100 a barrel with Iran threatening to block off the Strait of Hormuz, the major route for transporting oil from Iraq, Kuwait, and Qatar as well as some of the oil from Saudi Arabia and the UAE.

Iranian Vice-President Mohammadreza Rahimi said on Tuesday: “If they put sanctions on Iranian oil, not one drop of oil will get past the Strait of Hormuz.”

Western countries are negotiating possible sanctions against Iranian oil in an attempt to force Iran to stop its nuclear program.

The U.S. and European countries insist that Iran’s nuclear program has military objectives, while Iran has continuously maintained that its program only has peaceful goals.

Iran has begun a 10-day naval manoeuvre in the Persian Gulf region.

Habibollah Sayyari, Iran’s Naval Commander, said any decision to block the Strait of Hormuz rests with the senior figures of the Iranian government. He added that while it is not the aim of the current manoeuvre to close the strait, “Iran has the ability to carry out this objective.”