Iran has issued an extreme threat that has sent crude prices soaring (Image: GETTY and ITV)
The Strait of Hormuz is the main artery for transporting one-third of the world's oil supply. It is not just one-third of the world’s crude oil that flows through this 21-mile wide waterway, but also the much of the world’s liquefied natural gas. Rear Admiral Alireza Tangsiri told Iran’s Arabic TV channel Al-Alam early on April 22: “The Hormuz Strait, based on law is an international shipping route and if we are banned from using it, we will close it.”
This latest threat from Iran came after the US on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions.
This is a move to choke off Tehran’s oil revenues, the news has sent crude prices to six-month highs on fears of a potential supply crunch.
The Trump administration said it will not renew exemptions granted last year to buyers of Iranian oil, a more stringent than expected decision that caught several key importers who have been pleading with Washington to continue buying Iranian oil sanctions-free.
The United States reimposed sanctions in November on exports of Iranian oil after US President Donald Trump last spring unilaterally pulled out of a 2015 accord between Iran and
