Iran: If Oil Sanctions Implemented, Not A Drop of Oil to Pass Hormuz
In response to economic sanctions being readied by the United States and its western allies, Iran threatened Tuesday to stop the flow of oil through the Strait of Hormuz if foreign sanctions were imposed on its crude exports.
"If they (the West) impose sanctions on Iran's oil exports, then even one drop of oil cannot flow from the Strait of Hormuz," the official Iranian news agency IRNA quoted Iran's First Vice President Mohammad Reza Rahimi as saying.
Stressing that "the Islamic Republic has no desire for hostilities or violence," the Iranian official noted that "the West doesn't want to go back on its plan to impose sanctions."
"Our enemies will give up on their plots against Iran only if we give them a firm and strong lesson," Rahimi said.
It's worth mentioning that about 15.5 million barrels of oil a day, or a sixth of global consumption, passes through the Strait of Hormuz between Iran and Oman at the mouth of the Persian Gulf.
Just hours after the Iranian threat was issued, oil prices rose above $100 a barrel in trading.
Prominent US analysts said that if Iran did manage to shut down the Strait of Hormuz, the ensuing spike in oil prices could wreck the global economy.
Source: News Agencies, Edited by moqawama.org
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